Diane Posted October 19, 2011 Report Share Posted October 19, 2011 I have a payroll client who is closing down as of 10/31/2011. I have everything I need to prepare the W-2's and 1099's. I'm going to prepare the forms as soon as the software is available. My question -- should these forms be mailed as soon as they are prepared? Or, should (or can) they be mailed in January? Diane Quote Link to comment Share on other sites More sharing options...
JohnH Posted October 19, 2011 Report Share Posted October 19, 2011 Taken from IRS W-2 instructions: " Terminating a business. If you terminate your business, you must provide Forms W-2 to your employees for the calendar year of termination by the due date of your final Form 941. You also must file Forms W-2 with the SSA by the last day of the month that follows the due date of your final Form 941. If filing on paper, make sure you obtain Forms W-2 and W-3 preprinted with the correct year. If e-filing, make sure your software has been updated for the current tax year. " So you're OK to wait until Jan 2012 to do it all, unless you just want to get it out of the way before the rush comes. But even if I did prepare and mail them early, I'd go ahead and prepare duplicates to have ready when most of the employees call in late January or early February to complain that they never received their W-2. Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted October 19, 2011 Report Share Posted October 19, 2011 ATX is sending out the first disk in a few weeks. taxbilly Quote Link to comment Share on other sites More sharing options...
Diane Posted October 19, 2011 Author Report Share Posted October 19, 2011 Thanks for the help. I'll probably wait until January because of the very same problem stated by JohnH. This is a tennis club with a lot of part time workers. I know that if I send them out now, they will misplace or lose the forms. Thank You. Diane Quote Link to comment Share on other sites More sharing options...
Lion EA Posted October 20, 2011 Report Share Posted October 20, 2011 I like to send forms them to recipients as soon as I can, holding the IRS and SSA forms until closer to the deadline. That gives time to find out someone changed an address, made a type in a SS#, misspelled a name, etc., before the government forms are filed. You can always print or copy a form for a recipient who misplaces theirs whenever needed. But, I hate do file new W-2Cs &/or corrected Forms 1096. Quote Link to comment Share on other sites More sharing options...
Randall Posted October 21, 2011 Report Share Posted October 21, 2011 I'd wait until January. I know you want to get it out of the way, but how many people will lose their W2s? Quote Link to comment Share on other sites More sharing options...
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