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.
- Share on
Free Training & Resources
Further Reading
Working with long or complex formulas? Named ranges make your spreadsheets easier to manage, read and troubleshoot, especially when creatin...
There’s an old joke in the corporate world: Accountants are the people who tell you exactly where you’ve been — but never whe...
Formulas are the backbone of Excel’s functionality, enabling you to perform calculations, analyze data, and create dynamic reports. Maste...
In the world of finance and data analytics, “noise” is the enemy of clarity. Monthly revenue, stock prices, and operating expen...
A missed federal payroll tax deposit can trigger hefty penalties — they just went up on July 1. But a new IRS program could provid...
A recent ransomware attack illustrates why an attacked company that pays ransom shouldn’t expect the hackers to live up to their end ...
