Attention Business Owners

As the end of year 2022 approaches and we formulate plans for 2023 there are critical tax issues that we must consider. The www.IRS.gov/Form1099NEC and the http://www.IRS.gov/Form1099MISC websites have a wealth of information about year end information returns required of businesses and individuals.

For 1099 NEC you must file an information return for each person in the course of your business to whom you have paid at least $600 during the year:

Services performed by someone who is not your employee or
Payments to an attorney

You must also report for payments of $600 or more to businesses that are not incorporated as a C Corporation or an S Corporation. Business owners should get completed W9s from all vendors who provide services. The W9 form provides the information needed to determine if a 1099NEC must be issued.

You are required to issue 1099MISC to all individuals and businesses(with the exception of C Corporations and S Corporations) for payments of $600 or more for rents, royalties, and other income payments.

Now is the time for all business owners to review payments made during 2022 to identify those individuals and businesses for whom one or more payments totaling $ 600 were made. Then you must check to determine if you have tax ID numbers and/or social security numbers as well as a current address. This information is needed to prepare the 1099(s). If you do not currently have all the required information you must reach out to these individuals/vendors to get the information now.

We at TWRU are here to assist you in this process. Please contact your account manager or CPA for more information you need to complete the required tax filings. If you would like for us to prepare your 1099s please send all the required information to the following email address 1099sandW2s@twru.com. In order to meet the January 31^st deadline, we require that all information be sent to us no later than January 16^th, 2023.

Attention Business Owners and individuals who have household employees

You are required to prepare and issue W2s for your employees no later than January 31^st, 2023. Also, you must file the W-2s with the Social Security Administration by January 31^st. The IRS has an excellent website to walk you through all the requirements for filing W2s. You can access that at www.IRS.gov/FormW2.

Generally, you must file W2s for anyone you paid wages even if you did not withhold any income, social security, or Medicare taxes.

As the year end approaches and you are planning for the coming year, now is the time to make sure you have social security numbers as well as current addresses for each employee.

The penalties for failure to file W2s are hefty. The maximum penalty for late filing is $290 per form. You may also incur penalties for filing W2s with incorrect information or fail to provide all required information. Some tricky areas include providing automobiles available to employees for personal use and employee benefits.

We at TWRU stand ready to assist you in the preparation of these returns and filing the forms with SSA. If you would like us to provide this service, please reach out to your Account Manager or CPA to alert us so that we can expect this information from you. If we are not currently providing regular payroll reporting for you,, we ask that you send all the information needed to prepare and file your W2s to the following email address:

1099sandW2s@TWRU.com.

If you wish for us to prepare and file your W2s we must receive all the required information from you no later than January 16, 2023.

TWRU BUST Breast Cancer

TWRU has been a sponsor of Bust Breast Cancer for many years. This is a great event that raises money for The Foundation For Woman’s at Woman’s Hospital. It has been a fashion show of bras (turned into artwork) and an auction. This event has always raised a lot of money for Foundation for Woman’s which is located within Woman’s Hospital and has purchased multiple mammography busses. The mobile mammography busses are used by the doctors and nurses of Women’s Hospital to go out and provide screening to those who cannot make it in for whatever reason.

Due to Covid-19, this event will not be taking place this year. Because the need for the services offered by Woman’s Hospital is not put on hold, money will be raised in a different format. They have asked businesses to design a bra to display so people will go online to vote for which ones they like the best. Each vote is a $1 donation and everyone will be competing for the most votes (dollars raised). Please visit TWRU’s entry at https://app.mobilecause.com/vf/BBCvote/team/TWRU. You will have an opportunity to vote and donate. You can also text BBCvote59 to71777 to vote and donate (message & data rates may apply).

TWRU’s artists Teresa Meyer, Gail Saizon, Whitney Woodson, Christine McCartney, Nicole Zimmer, Halie Englade, and Alex Wicker have designed a bra titled “Wings of an Angel”. The masterpiece will be displayed in our lobby until early October.

This is all leading up to Breast Cancer Awareness Month in October and TWRU wanting to show its support!