Year-End is approaching, and we have some reminders about year-end payroll tax reporting.

Contractors:

Form 1099-Misc. must be prepared and sent to the IRS. This report discloses the gross wages for every contractor paid more than $600 for services during the year. The form must be provided to the contractor on or before January 31 each year, and copies of the forms must be filed to the IRS by February 28 via a W-3 Transmittal Form.
If your payroll processor is unable to assist you in filing Form 1099-Misc. with the IRS, we suggest www.paycycle.com and www.ts1099.com. Of course, Dime can help you as well.
There are no quarterly wage and tax reporting requirements for contractors.

Employees:

You must complete and submit Form W-2 (wage and tax statement). The form discloses an employee’s wages and taxes for a given year, and it must be provided to each employee by January 31. Your payroll processor should provide you with completed forms for all employees on a timely basis.
Also, keep in mind the regular tasks for quarterly payroll reporting. Form 941 must be prepared and sent to the IRS. Your payroll processor will complete this task.
If Dime can help with your payroll tax reporting, let us know!

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