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
AI investments tend to look weaker on paper than Finance teams expect. Finance evaluates them using the same approval and review logic ...
The finance leaders of tomorrow are hot on the heels of today’s CFOs and senior managers! So what else is new? “Seasoned”...
Creating standardized input fields for budgeting and expense tracking? Data Validation dropdowns make it easier to control entries and prev...
Busy finance leaders are always looking for efficiencies in reporting, reconciliation, and compliance routines. Excel Macros offe...
Brace yourself: About a third of accountants are making multiple errors every week. Fifty-nine percent are goofing up on a monthly basis, i...
A change to U.S. tax policy might save your business hundreds of thousands of dollars — and most companies have no idea it exists.&nb...
