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Small businesses have been the focus of a large number of tax code changes in the last two years, a lot of which are now applicable that we are in the 2011 tax year.
Though many of the changes deal with tax credits and deductions, there has been a lot of focus on employment taxes and health care. This is particularly true of reporting and compliance for your employees' W2 and 1099 forms.
To get you up to speed on small business employment tax code changes, the National Federation of Independent Business is offering a free webinar this Wednesday, June 8, at 12 noon Eastern.
Taught by an expert in the area of W2 and 1099 reporting, the NFIB webinar, entitled The Changing W-2 & 1099 Environment: Understanding Compliance & Regulation, is expected to focus on what small business owners need to know so that they can properly report wage information this tax season.
More specifically, you will learn about:
Learning about the Small Business Jobs and Credit Act of 2010 and the impact of the health care reform bill is essential to your business operations.
Some penalties have more than doubled for those filing improper 1099s and W2s, and you will now be forced to issue a 1099 to any business that purchases at least $600 in goods from your company, reports USA Today.
It would be a good idea to tune in, and maybe talk to a tax attorney about this year's tax code changes.