Barbara Weltman

Big Ideas for Small Business, Inc.

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Important Tax Filing Deadline

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Today is the deadline for furnishing employees with their W-2s and independent contractors with their 1099-NECs to report 2024 payments. It’s also the date for transmitting copies of W-2s to the Social Security Administration (SSA) and copies of 1099-NECs showing nonemployee compensation to the IRS. If you need more time, you can request an extension of 30 days by filing Form 8809. But the request is granted only in limited dire circumstances listed on the form. If you can’t make the deadline and aren’t eligible for an extension, act as soon as possible to minimize penalties for lateness. #IdeaoftheDay