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W-2 Filing Available for All Businesses and Individuals
We are pleased to announce that all businesses and individuals can now file W-2 forms with Zenwork. If you previously received a letter from the Social Security Administration (SSA) regarding electronic wage report submissions, please note that the issue has been fully resolved. Our systems are fully operational, and we are processing W-2 and W-2C filings without any disruptions.
Thank you for your continued trust!
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How much do you know about penalties for 1099 forms? Test your knowledge on these true and false questions. If you’re not in the mood, don’t worry – the answer key is just below.
1. True or False:
If George filed an incorrect form and the filing deadline has past, he should take no further action. Doing nothing is the best way to minimize penalties.
2. True or False:
The IRS considers most form errors to be “inconsequential.” The important thing is filing a return. Whatever the error Andrea made, the IRS will most likely let her error slide.
3. True or False:
Elizabeth forgot about the new 1/31/2017 deadline for Box 7 1099-MISC forms. To escape penalties, she shouldn’t file at all.
How did you do?
1. FALSE!
Taking no action after filing an incorrect form could result in a $260 penalty per return.
Here it is, straight from the IRS:
“If you do not file corrections and you do not meet any of the exceptions to the penalty… the penalty is $260 per information return” (Section 6721).
The longer you wait before correcting filed error(s), the higher the penalty could be.
2. FALSE!
The following are errors the IRS penalizes:
Here it is, straight from the IRS.
Fun fact: The IRS can penalize you for filing paper forms that are not machine readable. This isn’t a fun fact if you paper-filed your forms. If you used Tax1099.com, we’ve got you covered – we send your forms electronically.
3. Well…You should file. It’s the law.
Intentionally disregarding a filing requirement can cost $520 per form in penalties. While it’s possible that you could “get away” with not filing, the IRS is on the lookout for those who do not file. In our opinion, it’s not worth the risk. The later your filing, the higher the penalty.
Short Answer:
If you haven’t filed, don’t delay. If you filed an incorrect form, file a corrected form as soon as possible. Even if you didn’t use Tax1099.com to file the original form, you can use our fast, secure, and accurate services. Search our Knowledge Base for instructions on filing corrected forms.