Changes to W2 &1099 Forms for 2022
1099 DATELESS FORMAT
Many major 1099 forms, including 1099NEC and 1099MISC will now require you to fill in the year for each form. (But you don’t need to worry about it with Discount Efile, we’ll do it automatically.)
E-Filing Requirements MAY Change
The IRS is considering a change to the e-filing threshold for payers. It may lower to 100+ forms. Stay tuned for updates as they are released…
1099 Changes for 2022
1099 Form Due Dates for 2022.
The 1099NEC forms must be mailed to recipients and e-filed or mailed to the IRS on or before January 31, 2023.
For other 1099s, file by February 28, 2023, if you file on paper, or by March 31, 2023, if you file electronically.
The due dates for furnishing payee statements remain the same.
Possible New E-Filing Requirements
The IRS is considering changing the e-filing threshold to 100+ total 1099 & W2 forms per payer. Stay tuned to Discount Tax Forms for details…
DiscountEfile.com helps you get it all done, easily!
Dateless 1099 Format
The 1099-NEC was a new form in 2020 for business taxpayers to report payments of nonemployee compensation.
Starting with tax year 2020, taxpayers must complete this form to report any payment of $600 or more to a payee.
For the 2021 Tax Year, it has changed to a 3up format (it was 2up). New forms and envelopes will be required.
It was streamlined in format to include a few strategic changes, such as the addition of Box 2 to avoid the need to file both a 1099-MISC and 1099-NEC. The IRS also deleted the FATCA filing requirement box and two large red boxes.
As a result of the form updates, the 2021 form was resized to accommodate 3 forms per page and save paper.
Other 1099-NEC Form Changes for 2021
Form 1099-NEC, box 1.
Box 1 will not be used for reporting under section 6050R, regarding cash payments for the purchase of fish for resale purposes.
Form 1099-NEC, box 2.
Payers may use either box 2 on Form 1099-NEC or box 7 on Form 1099-MISC to report any sales totaling $5,000 or more of consumer products for resale, on buy-sell, deposit-commission, or any other basis. For further information, see the instructions later for box 2 (Form 1099-NEC) or box 7 (Form 1099-MISC).
Generally, this form is due by January 31st – to be mailed to the recipient and mailed or e-filed with the IRS.
There is no automatic extension for this form but may be available under certain hardships.
Nonemployee compensation may be subject to backup withholding if a payee has not provided a taxpayer identification number to the payer or the IRS notifies the payer that the TIN provided was incorrect.
More information about this form can be found here: Form 1099-NEC, Nonemployee Compensation
1099-NEC Form Changes
1099-NEC are used when business taxpayers to report payments of nonemployee compensation.
You must must complete this form to report any payment of $600 or more to a payee such as a contractor, freelancer, attorney and others.
For the 2022 Tax Year, 1099-NEC forms are now dateless.
You must now fill in the year on each 1099NEC form for 2022. If you use software to print forms, you need to update your system to accommodate this important change.
Other 1099-NEC Form Changes for 2022
There were minor changes to the 1099NEC form for 2022, mainly to accommodate the dateless format change. There were minor border shifts, a new box for the year.
There were also verbiage changes to the instructions, including text additions and deletions, as well as removing language about a specific year.
Generally, this form is due by January 31st – to be mailed to the recipient and mailed or e-filed with the IRS.
There is no automatic extension for this form but may be available under certain hardships.
Nonemployee compensation may be subject to backup withholding if a payee has not provided a taxpayer identification number to the payer or the IRS notifies the payer that the TIN provided was incorrect.
More information about this form can be found here: Form 1099-NEC, Nonemployee Compensation
1099-MISC Form Changes
2022 Changes to 1099-MISC Forms
There is a NEW, dateless format for 1099MISC forms in 2022. You must fill in the year on each form. A software update is required.
In addition, some minor changes have occurred on the forms.
- Border shifts to accommodate dateless format
- New box with area to fil in the year
- Moved 2nd TIN box to be under FACTA filing requirement and adjusted the box sizes, etc. accordingly
- Minor verbiage changes to instructions, removing year references
1099 Rules that can make or break you
W-2 Changes for 2022
Due Date for W2 Copy A
January 31, 2023 is the deadline for W-2 Forms for tax year 2022.
This includes: W-2, W-2AS, W-2CM, W-2GU, W-2VI, W-3 and W-3SS with the SSA. The due date is now January 31 whether you file using paper forms or electronically.
You no longer get more time to e-file or print and mail copies to the SSA.
Possible New E-Filing Requirements
The IRS is considering changing the e-filing threshold to 100+ total 1099 & W2 forms per payer. Stay tuned to Discount Tax Forms for details…
DiscountEfile.com helps you get it all done, easily!
Good News!
There were no major changes to W2 forms for 2022.