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Year- End Payroll Tax Documents

Only one (1)  Preparation Request is required per entity

For preparation of W-2 forms and you are required to file form 941:

Required forms to return to Blue:

Additional forms (if necessary) to return to Blue:

For preparation of W-2 forms, you are required to file form 943 (2023 Agricultural Employment)

Required forms to return to Blue:

Additional forms (if necessary) to return to Blue:

Reminder:

In order to help meet your payroll and information return filing needs, we have posted  information relevant for preparation of these forms to our website. Whether you decide to prepare these forms yourself, or have Blue & Co. prepare them for you, we ask that you complete the Preparation Request and return it to us so that we are aware of your intentions. If we are preparing payroll and/or information returns for multiple companies, please complete a separate form for each company.

Important:

The US Treasury has lowered the threshold for the requirement to electronically file information returns, including both W-2 forms and 1099 forms. To determine if you must file returns electronically, you must add the number of information returns (see list below) and W-2 forms to be filed for the year. If the total is at least 10 forms, all forms are required to be filed electronically. This new threshold is effective for 2023 returns to be filed in 2024.

The following information return forms must be added together for this purpose: the Form 1099 series, Form 1042-S, the Form 1094 series, Form 1095-B, Form 1095-C, Form 1097-BTC, Form 1098, Form 1098-C, Form 1098-E, Form 1098-Q, Form 1098-T, Form 3921, Form 3922, the Form 5498 series, Form 8027, and Form W-2G.

Certain information returns (W-2 forms and 1099 forms for Non-Employee Compensation) are to be filed to the respective government agencies by January 31. As such, it is imperative that we receive your information timely. If not, your forms may be filed late, and you may be subject to increased fees and penalties and interest.

Employment and information return worksheets are posted online for your completion. Complete the calendar year figures and return to us by January 12, 2024. If we are preparing any W-2 forms for you, please complete the two-page questionnaire regarding employee benefits as well. We have provided forms for calculation of automobile fringe benefits (personal use of Company automobile) online as well, in case this is applicable to your situation.

REMINDER OF HEALTH CARE REPORTING REQUIREMENTS: Applicable Large Employers (ALE’s) (generally those with 50 or more full-time equivalent employees) are subject to requirements to report health care coverage. Employers must provide Form 1095-C to employees by January 31, 2024, and to the IRS (along with transmittal Form 1094-C) by February 28, 2024. If filed electronically, forms to the IRS should be filed by March 31, 2024. These reports provide information about health coverage the ALE offered (or didn’t offer) to each full-time employee, which the IRS will use to determine if the employer shared responsibility payment applies to the ALE and if the employee is eligible for the premium tax credit. All ALE’s are subject to this reporting requirement, regardless of whether they offer coverage or are subject to the employer shared responsibility provisions. The IRS will use the information to determine if the ALE is eligible for transition relief under the employer shared responsibility provisions. Please check with your health care provider to determine your filing requirement, and to obtain assistance with these forms.

Penalties

It is important that you do not neglect your responsibility to file information returns. The Internal Revenue Service can impose penalties on any taxpayer that fails to furnish another person with an information return by the required date. There are also penalties for failure to file and where appropriate, failure to pay or pay timely. The penalties vary by type of return and type of penalty. You need to be aware that they can be quite severe.

The payer will also be subject to a penalty for submitting information returns with no identification number or incorrect identification numbers. The Internal Revenue Service has become quite strict in enforcing backup withholding requirements. It is important to provide Blue & Co. with the correct taxpayer identification number for all recipients of Form 1099. The Internal Revenue Service will issue cross-check notices to taxpayers whose identification numbers and names do not match its records.

The recipient must furnish his or her Social Security or Federal Identification Number to said taxpayer.  Failure to do so could subject any such payments to backup withholding by the taxpayer.  We have provided a current copy of Form W-9, Request for Taxpayer Identification Number & Certification online for your convenience.

Informational Returns – 1099

Please refer to the 1099 Filing Requirements for a review of some basic information regarding who should receive these forms. The recipient’s copy of the Form 1099 must be mailed to the recipient by January 31, 2024. The Internal Revenue Service has requested that all information returns be typed or machine prepared. The Indiana Department of Revenue no longer requires copies of information forms.

Your phone number will be included in the filer name and address area on Forms 1099. Please make sure to include your telephone number on the first tab of the 1099 fling requirements and data worksheet before you return it to us.

Payroll Returns – W-2

If you have paid wages during 2023, the appropriate payroll tax returns must be prepared, mailed to employees and filed no later than January 31, 2024. Please note that if you prepare your own forms, the state of Indiana requires electronic filing for all businesses that file more than 25 W-2 statements. If you have not done so in previous years, the deadline for registering with the state to file electronically is December 31, 2023. Forms are due to the state no later than January 31, 2024.

In order for us to prepare returns for you on a timely basis, we ask that you submit the completed worksheet no later than January 12, 2024. We cannot guarantee timely filing of returns if information is received after January 12, 2024.

Submitting Information to Blue & Co.

A secure link has been created for information to be sent securely to Blue & Co. for preparation of your 2023 payroll and information returns. Instructions on how to upload the files can be found below, along with the link to upload the files.

Please refer to your original email for the link to upload files.

Electronic Filing

Blue & Co. will file W-2’s and 1099’s with the Internal Revenue Service, the Indiana Department of Revenue and Social Security Administration electronically.  Therefore, we must have your signature on the Immediate Response and Affidavit Form prior to releasing any returns to you.  The form can be returned using the link above (preferred) or via mail, email or fax.

If you have any questions, please do not hesitate to contact your Blue & Co., LLC representative who will direct your call to the appropriate person.

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