Here are some important dates for North Carolina residents to keep in mind as we close out 2013 and enter into 2014:
– Business property listings are due January 31, 2014
– 1099 forms need to be sent out by January 31, 2014
– If you are processing your own payroll, don’t forget you are required to provide W2’s to your employees by January 31, 2014
– Payroll reports are due by January 31, 2014
– Your tax return can be filed anytime after February 1, 2014
– 1096 summaries need to be sent out by the end of February
– 1099 forms must go out to people who provide a service to you. For example, you give one to your landlord, your building maintenance crew, or your IT support team.
– The way the IRS defines an employee may be different than what we might think or use to describe them. According to the IRS, an employee is someone who comes to work at designated times and has assigned tasks to complete while at work, both of which are assigned by the employer. If you have a staff member that falls into those categories, they are considered an employee and not a sub contractor. If you need further clarification, we can help you decipher the difference.
– Now is a good time to set up payroll if you have an employee on staff.
As always, we would be happy to help in any way we can as you close out 2013 and enter 2014. Please contact us at Accounting By The Books with any questions you may have.