Hey CEO!

Happy New Year!

Introducing The CEO Legal Alert! straight from my desk to yours with important legal updates, news, and reminders that you need to be aware of as CEO. Whether you have an attorney on your team or not, consider The CEO Legal Alert! as your private memo from your biz’s In-House Legal Consultant, yours truly, dropping in to help you stay legit in your biz.

Do me a favor and tag a CEO you know who needs to stay current on the legal side of their biz. @ them below in the comments.

Today’s CEO Legal Alert! is a reminder to all the Boss CEOs that February 1st is the deadline this year to send W2’s to your employees and 1099’s to your Independent Contractors. Copies of each need to be sent to the IRS and your workers by the February 1st deadline.

Good news. You only need to send a 1099 to each independent contractor and the IRS if you paid $600 or more to them in 2020. Anything less than $600, you’re good. Independent Contractors include attorneys and accountants.

Double check your books with your CPA and ensure the amount of pay and taxes you write on the W2’s and/or 1099’s are accurate. A discrepancy could lead to an audit and potential penalties.

⚠️ Heads up: USPS has been slow with delivering mail, so the safest approach is to efile rather than paper file via mail with the IRS.

Have questions about efiling? Your CPA can guide you or do it for you!

Have questions about whether a person was an employee or independent contractor in 2020? Grab my book, Build A Legit Business (here), for $20 or schedule a legal consult with me at www.iamchaylajackson.com

Stay tuned for the next CEO Legal Alert!