Today is the Form W-2 and 1099 deadline but there’s no need to panic. We’re here to help. Here is an overview of the forms you may need to file and the deadlines you can meet easily with 123PayStubs.
If your business has one or more employees, you need to file Form W-2 by midnight! Employers use Form W-2 to report how much they paid their employees and the amounts withheld from their employees’ paychecks for income tax, social security, and Medicare. In addition to filing Form W-2 with the SSA, February 1, 2021 is the deadline to send out copies to all your employees.
Form 1099-NEC is a newly released form for reporting nonemployee compensation for 2020. If you paid a nonemployee more than $600, you need to file Form 1099-NEC. These payments could be for repairs, renovations, cleaning, or anything else you hired an independent contractor or nonemployee for. You also need to send recipient copies out by February 1, 2021.
Form 1099-MISC allows employers to report miscellaneous payments. Miscellaneous payments include prizes and awards, fishing boat proceeds, and more. Form 1099-MISC is not due to the IRS yet, but its recipient copies are. Employers need to send their payees a copy of this form by the end of the day!
Visit this blog for key differences between Form 1099-NEC and Form 1099-MISC and determine which one to file for your business.
How to E-file Form W-2 and 1099 for 2020
123PayStubs is proud to be the first paystub generator to support e-filing. Whether you’ve been generating your paystubs with us or just need a quick and easy way to meet your February 1, 2021 deadlines, we’re here to help.
You can complete your 1099 and W-2 forms in 3 simple steps. Just enter your information, correct any mistakes, and transmit to the IRS or SSA! There’s not much time left, so get started and e-file Form W-2, 1099-NEC, and 1099-MISC today.