Last year the IRS accelerated the due dates for businesses to file Form W-2s and Forms 1099-MISC. These forms now have to be e-filed with their respective agencies no later than January 31, 2017. If a business files the forms in February, they could be subject to a $50 per form penalty. If they wait until March, they could be subject t to a $100 penalty. If you willfully disregard filing, the penalty jumps to $500 per form. Call the Ketel Thorstenson Tax Team with any questions, 605-342-5630.
Ketel Thorstenson, LLP, has over 60 CPA’s on staff and has been serving clients across the region since 1936. With offices in Rapid City, Spearfish, Custer, SD, and Gillette, WY, the firm offers a variety of services including tax planning and return preparation, audit services, QuickBooks, bookkeeping, payroll, business valuation and estate planning.