Important reporting requirements for both 1099s and W-2s that impact most businesses
1099 Requirements for 2021
1 min read
Baldwin CPAs 1/19/24 12:59 PM
Beginning on January 1, 2024, many companies in the United States will be required to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company. All information will be reported to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.
Who Has to Report?
Companies required to report are called reporting companies. Reporting companies may have to obtain specific information from their beneficial owners and report said information to FinCEN. Your company may be required to report if it is considered any of the following:
When Do You File?
Reports will be filed electronically and are due by:
What Must Be Reported?
Reports must include information about the reporting company, including full legal name, any trade name, complete U.S. address, state jurisdiction of formation, and IRS employer identification number (EIN). Beneficial owners must report information such as the beneficial owner’s full legal name, date of birth, complete current residential address, a FinCEN issued unique identifying number and an image of one of the following:
There are several exceptions to the reporting requirements.
For more information about your company’s potential reporting requirement and to get started, please contact Mike Januski today.
1099 Requirements for 2021
On Friday, June 11, the HHS released new guidance material on the timeline and requirements for Provider Relief Payments reporting.
The purpose of this letter is to outline some of the important reporting requirements for both 1099s and W-2s that impact most businesses.