Below is a list of some of the key items your business needs to complete by January 31st to close out 2020.
Remember to get these items done on time. There may be more items your business needs to do to close out 2020, but below are key deliverables many small businesses have.
- W2 Forms must be provided to each employee and send copies to Social Security Administration
- Form 1099-MISC and 1099-NEC must be provided to each independent contractor you paid $600 or more during the year and send copies to the Internal Revenue Service and applicable state agencies
- Federal and State Payroll Tax Returns. This may require filing and payment depending on your deposit schedule.