IRS Updates: Form W2/1099 Changes for 2022 Tax Year
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IRS Form W2 / 1099 Changes for 2022 Tax Year |
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| Form W-2 |
The IRS Form W-2 was not substantially changed from the previous year. The only major change is the penalty charges for late filing or providing incorrect information have increased as follows. The maximum penalty for W-2 filed within 30 days after the deadline is now changed to $588,500 per year ($206,000 for small businesses). The maximum penalty for W-2 filed after 30 days and before August 1 is now changed to $1,766,000 per year ($588,500 for small businesses). The penalty for forms filed or not filed after August is increased to a minimum of 290/form and a maximum of $3,532,500 per year (1,177,500 for small businesses). Click here to know more about the Form W-2 Penalty Changes
Form W-2
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| Form 1099-MISC |
IRS has released a new version of Form 1099-MISC making several changes. Effective from the tax year 2022, the check box for reporting Foreign Account Tax Compliance Act (FATCA) filing requirements has been numbered 13. As a result, the older 13-14 boxes on the Form 1099-MISC have been now renumbered to 14-15 respectively. Click here to learn more about Form 1099-MISC changes
1099-MISC
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| Form 1099-INT |
Effective from the tax year 2022, and the title of box 3- Interest on U.S. Savings Bonds and Treas. Obligations have been now changed to Interest on U.S. Savings Bonds and Treasury obligations. Learn more about Form 1099-INT changes for 2022 Tax Year
1099-INT
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| Form 1099-DIV |
For the tax year 2022, the check box for Foreign Account Tax Compliance Act (FATCA) filing requirement has been now numbered as box 13. As a result, the older box 13-14 found on the 2012 Form 1099-DIV has been renumbered to
1099-DIV
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| Form 1099-K |
Prior to the tax year 2021, the Payment Settlement Entities (PSEs) are required to furnish Form 1099-K if the gross amount of reportable income exceeds $20,000 and 200 transactions over the year. In the year 2022, IRS has reduced the threshold to $600 regardless of any number of transactions.
1099-K
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| Form 940 |
For the tax year 2022, the Form 940 credit reduction rate for California, Connecticut, Illinois, and New York is 0.3% and the credit reduction rate for the U.S. Virgin Islands is 3.6%. |
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