Dear Valued Clients and Friends,
As the year draws to a close, we want to ensure you’re aware of upcoming tax deadlines to avoid potential penalties.
Key Deadline:
Please note that Friday January 31, 2025, is the deadline for filing Forms W-2 and 1099-NEC (when reporting non-employee compensation in box 1).
To meet this deadline, please provide us with the following information by December 27, 2024:
- 1099-NEC and 1099-MISC Forms: Please provide the necessary information.
- Updated W-9 Forms:
- For Individuals: Social Security Number
- For Entities: Federal Tax ID Number
Please note: We only need information for corporate vendors who are attorneys or medical service providers.
- Total Payments to Vendors:
- If we handle your bookkeeping: Please provide the total amount paid to each vendor for the last month or quarter of the year, or all paystubs.
- If you handle your own bookkeeping: Please provide the total amount paid to each vendor in 2024.
- W-2 Forms for S-Corporation Shareholders:
- If you own more than 2% of the S-Corporation, please provide the total amount of health insurance payments made in 2024. Here is a W-2 sample form.
Additional Reminders:
- Form Distribution: You must still distribute Forms W-2, 1099-NEC, and 1099-MISC to recipients by January 31st.
- Individual Tax Returns: The deadline for individual tax returns remains April 15th.
If you have any questions or require further assistance, please don’t hesitate to contact our office.
Thank you for your continued trust and business.
Sincerely,
DUFFY KRUSPODIN, LLP
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