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How to Properly Report Your Company’s COGS
Do you own a business that manufactures or sells physical goods? For these businesses, accurate reporting of the cost...
Submitted By: Julie A. Stanislaw on Nov 10, 2023 8:00:00 AM
Earlier this year, the IRS and State of Ohio announced updates to filing requirements for certain information returns including, but not limited to, Forms W-2 and W-2G, Form 1094, Forms 1095-B and 1095-C, Form 1098 and Form 1099.
If the total number of information returns to be filed for the calendar year is 10 or more, you must file them electronically. The new threshold is effective for returns required to be filed in calendar years beginning with 2024; therefore, the new rules apply to tax year 2023 Forms W-2 since they must be filed by January 31, 2024.
Ohio has also announced that all employers who file and pay their withholding taxes electronically are required to upload their W-2/1099-R information electronically, as well, using the Ohio Business Gateway.
Please contact your SSB tax professional for a complete list of included returns or if you have any questions on the filing requirements.
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