As you’ve known since having your first job, in January you’ll likely receive a W-2 and other tax documents. What you’ve come to realize since starting your business is that businesses mail out those tax documents. The question is then, as a business owner, what must you mail to people and companies you’ve done business with in 2009.
W-2s
If you have employees, you will need to issue them W-2s. You are also responsible for mailing copies of the W-2s with a summary form titled W-3 to the US government. You likely have a payroll company though and most payroll companies provide this service on your company’s behalf. What you must do:
• Please confirm with your payroll company that they are in fact taking care of this on your behalf.
• Please make sure that if they mailed you all of the W-2s that you mail them to your employees.
• If you do not have a payroll company, or if you are unhappy with the services you’ve received from your payroll company, please contact us as we may have recommendations on a company that can help!
• If you are doing your own payroll, you must give your W-2s to your employees by February 1, 2010 and you must remit copies of the W-2s with the W-3 to the Federal government by March 1, 2010.
1099s
If you’ve paid an individual more than $600 during 2009, you are probably required to issue them a 1099. You are also responsible for mailing copies along with a summary form titled Form 1096 to the Federal government. In some cases, if you’ve reported these payments through a payroll company, the payroll company will take care of this. Most of the time this is not the case. What you must do:
• If you have not received W-9s from individuals you paid more than $600 during 2009, do that immediately.
• Armed with the W-9s, create 1099s for individuals you paid more than $600 during 2009 and mail them no later than January 31, 2010 to the recipients.
• Mail copies of the 1099s and a summary 1096 to the Federal Government by February 28, 2010.
• Most account software tracks this type of information and appropriate 1099 and 1096s forms are sold at most office supply stores.
• We are happy to help prepare these forms.
OTHER KEY ITEMS
• The 4th quarter estimated tax payment (corporate and individual) is due January 15, 2010.
• If you are required to remit sales tax returns, quarterly filers file Q4 by January 31, 2010.
• If you are a corporation or LLC, you likely have recently received a Statement of Information filing request from the Secretary of State of California. There are differing due dates for different organizations, but that is a form required to be filed annually, so make sure you complete it and remit it to the Secretary of State.
REMINDERS
• If you are a calendar year corporation, your tax return is due by March 15, 2010.
• If you are a partnership or LLC being taxed as a partnership, your tax return is due by April 15, 2010.
• Calendar year not for profit tax returns are due May 15, 2010.
Depending on your business, there may be other key items that are due not listed above. This is not intended to be an exhaustive list, but rather the most common items we see businesses dealing with. To view the IRS’s small business tax calendar, see http://www.tax.gov/calendar/. For specific questions, please contact us.
