The deadline for employers to mail out IRS forms W-2 and 1099 to employees or contractors is January 31st.
Form W-2 is used to report a employee’s wages and tax withholdings. Employers are required to keep a copy of the W-2 for their record and issue copies to the employee, the IRS, and various other government agencies.
Form 1099 is used to report payments made to independent contractors. Businesses that pay a contractor more than $600 in 2013 will need to issue Form 1099 to the contractor.
Don’t miss the deadline! Ask your tax professional if you have any questions. As always, feel free to contact us should you need further assistance or a referral to a small business accountant.