W-2, 1099 reporting: 3 ways to safeguard yourself from common errors
The clock’s ticking on employers to get their W-2s and 1099s out the door. So it’s easy for very avoidable mistakes to get made in the process.
To help firms steer clear of common errors, tax software developer Greatland Corp. is offering this list of best practices for W-2 and 1099 reporting. Remember, the deadline to have Forms W-2 and 1099 out to employees and contractors is Jan. 31, 2012 (forms must be postmarked by this date).
Here are three things to have Finance keep in mind as they scramble to meet that deadline:
- Verify. Have Finance go through and make sure they have all of the correct personnel records — i.e., the right mailing address, social security number, etc. If you’re still missing info on your contractors, use Form W-9 to get it.
- Make sure the General Ledger’s up to date. Be sure to reconcile all of those G/L account postings that impact wages, taxes and company expenses.
- Check for changes. It should go without saying, but every year some businesses forget to read the first page of the instructions where the IRS explains any new or changed reporting requirements for Forms W-2 and 1099.
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