2014: A Year in [W-2 and 1099] Review

GRAND RAPIDS, Mich., Jan. 22, 2015 /PRNewswire/ -- With the holiday season behind us, paired with our nation's love of lists, Greatland Corporation has released its annual selection of some of the year's most news-making events, as they pertain to the company's favorite government (1099 and W-2) forms:

• After hosting the Tonight Show for more than 20 years, Jay Leno retired and passed the mic to Jimmy Fallon. Since starting in February 2014, Fallon has attracted around 4 million viewers each night, including a much higher share of the 18-49 demographic than Leno. Given his success and continued contract, NBC will need to make sure a W-2 is sent to Fallon for his work in this year along with Leno as he wrapped up his final season.

• The Professional and Amateur Sports Protection Act of 1992, also known as the "Bradley Act," has banned betting on sports in all but four states, Nevada, Delaware, Oregon, and Montana, whose legislatures were able to meet a 1991 deadline to approve sports wagering and thus were granted an exemption. This year, NBA commissioner, Adam Silver, publicly went on record to support the removal of the ban on sports betting. If the U.S. were to legalize the current $400 billion industry of sports gambling, it's safe to say that we would see a huge increase in W-2Gs.

• On February 7, 2014, General Motors (GM) recalled about 800,000 of its small cars due to faulty ignition switches, which could shut off the engine during driving and ultimately prevent the airbags from inflating. As of June 30, GM had issued 45 recalls, involving nearly 28 million cars worldwide and more than 24.6 million in the United States. This tax reporting season, attorneys who represented consumers who received a settlement from GM for the ignition switch recall can expect to receive a 1099-MISC.

• Developed by Dong Nguyen in less than three days, the mobile game "Flappy Bird" was one of the top downloads in 2014 and at its peak was earning $50,000 a day in ad income. Despite the eventual removal of the game from Apple's App Store, Nguyen will have his work cut out for him when it comes to tax reporting and correctly documenting his income.

• The 2014 FIFA World Cup took place at several venues across Brazil with Germany ultimately winning the tournament for its fourth title by defeating Argentina. Although only making it to the semifinals, U.S. players who made the final World Cup squad earned at least $76,000 for taking part in the world's largest soccer tournament. Therefore, each team member can expect to receive a W-2 form from U.S. Soccer in addition to the form they'll collect for their current salary.

• After experiencing global success of the song "Happy" in 2014, singer and producer Pharrell Williams sold his oversized Vivienne Westwood hat that he wore to the Grammys for $44,100 on eBay to fast-food chain Arby's, which resembled the hat used in Arby's logo. The money was donated to From One Hand to Another, a charity that helps children learn through technology and the arts. This nonprofit will also have to file a Form 990, but will need to keep in mind the time requirements for this type of filing. Form 990 is due on the 15th day of the 5th month after the end of the organization's taxable year. This means that if an organization follows the calendar year (January 1 – December 31), its Form 990 would be due on May 15th of each year.

Grand Rapids, Mich.-based Greatland Corporation is one of the nation's leading providers of W-2 and 1099 forms and related e-filing products for business. Greatland has an extensive W-2 & 1099 fact center located on its website with answers to many of the top filing questions.  

The company offers Yearli, the most complete federal, state and recipient W-2 and 1099 reporting platform on the market for small to mid-size businesses and professional accountants. With Yearli, organizations can choose the product that most closely meets their W-2 & 1099 filing and support needs. The Yearli W-2 and 1099 reporting platform has three options (Core, Performance, and Desktop) designed to fit any budget or business need.

About Greatland
Greatland (www.greatland.com) is the W-2 and 1099 specialist, focused on providing guidance, products, and solutions for small to mid-size businesses and accountants.  Through Greatland's subsidiaries – Greatland, Nelco, and Broker Forms – the company offers an extensive array of specialized products for businesses: W-2 forms, 1099 forms, W-2 and 1099 software, online filing, business checks, presentation materials, income tax preparation supplies, and mortgage forms.  Greatland also offers Yearli, a comprehensive W-2 and 1099 reporting software and online filing platform. Greatland is an employee-owned company with locations in Grand Rapids, Mich. and Green Bay, Wis.  Greatland has an extensive W-2 & 1099 fact center located on its website with answers to many of the top filing questions.  Follow us on Facebook or Twitter: @GreatlandCorp

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