Today, January 31, 2025, is a crucial filing deadline for most organizations nationwide, including nonprofits. Forms W-2 and 1099 must be submitted to the IRS/SSA and sent to your employees and vendors who were paid or worked with your organization during the year. If your nonprofit had any financial activities involving these individuals, these forms must be filed today!
Our sister product, TaxBandits, is an IRS/SSA-authorized e-file service provider that simplifies the filing process. Whether 1099s or W-2s, TaxBandits has everything you need to meet today’s deadline and stay compliant for the 2024 tax year.
In this blog, let’s dive into the forms that are due today and explore what they entail.
IRS Forms You Need to File Today
Today is the deadline for filing the following tax returns for the 2024 tax year.
Form 1099 for Nonprofits
The 1099 series includes several forms to report payments made to contractors, freelancers, gig workers, etc, who are not your employees. The most commonly used form is the 1099-NEC, which reports non-employee compensation for freelancers, contractors, or service providers for which you’ve paid $600 or more during the year. This requirement applies even if you did not list these payments on your Form 990. If any of your payments meet the threshold, filing 1099-NEC is necessary to comply with IRS regulations and distribute recipient copies.
In addition to the 1099-NEC, the 1099-MISC is used for various other payments, such as rent, prizes, medical payments, attorney fees, and other specific payments totaling $600 or more. This form should also be filed with the IRS today and furnish recipient copies.
For other 1099 forms, you need to distribute recipient copies by today, which include:
- Form 1099-INT: Reports interest income.
- Form 1099-R: Reports retirement plan distributions.
- Form 1099-K: Reports payment card and third-party network transactions.
- Form 1099-DIV: Reports dividends and other distributions.
With TaxBandits, you can e-file 1099 forms easily for your nonprofit organization and distribute recipient copies to your recipients securely.
Form W-2 for Nonprofits
Form W-2 is a key document that reports employees’ wages, salaries, and other compensation. It also details the federal income tax, Social Security, and Medicare taxes withheld throughout the year. If your nonprofit organization has employees, including officers, directors, trustees, or any key personnel who received compensation, you must file this form with the SSA today, as it is the filing deadline, and distribute a copy to each employee.
Without it, employees may face delays in filing, as they will need to report accurate earnings and tax payments.
Meet Your Deadline Today with TaxBandits!
Filing year-end tax forms can feel overwhelming, with many forms and deadlines to manage. Now, all that’s left is a simple solution to file the required forms for your organization. Don’t worry—our sister product, TaxBandits, makes e-filing and distributing copies of these forms a breeze.
Just like Tax990 simplifies 990 filings for nonprofits, TaxBandits makes it easy to e-file and distribute recipient and employee copies for W-2 and 1099 forms. With its user-friendly interface, advanced features, and customer support, TaxBandits is your go-to solution, making filing easier and more secure.
TaxBandits offers various recipient copy distribution options for 1099 and W-2 forms, such as online access, allowing your recipients to retrieve their forms electronically anytime. For those preferring physical copies, a postal mailing option is available. Nonprofits can enable both options, ensuring recipients receive their forms both digitally and in mail.
What are you waiting for? The clock is ticking! Create your free TaxBandits account today to begin your last-minute filing!
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