The W-2 reporting step you must now do manually
Sure, IRS wants employers to become more reliant on filing W-2s electronically. But it insists that firms do this by hand … or else.
According to a recent IRS announcement, employers must manually key in any Individual Taxpayer Identification Numbers (ITINs) for employees who them — effective Tax Year 2011.
Workers who need a taxpayer ID number but don’t have and aren’t eligible to have a Social Security number (e.g., non-residents) are granted ITINs.
So if your Payroll has relied on W-2 software for automatic year-end processing, let them know about the new IRS requirements — and make sure any applicable auto-populate functions are disabled.
ITINs are nine-digit numbers that always begin with a 9 and have a range of 10-88, 90-92 or 94-99 in the fourth and fifth digits.
So what happens to firms that choose to ignore this IRS mandate? The Service says it may boot noncompliant business out of the e-file program.
- Share on
Free Training & Resources
Further Reading
With TY 2023 forms out the door, you may be thinking about next year-end and what changes you can expect on Form W-2. IRS posted the fin...
With remote work here to stay, A/P has to work harder to verify crucial information, such as vendor bank account numbers. Unfortunately,...
The Secure 2.0 Act became law just before the close of 2022, as part of the federal spending bill. Roll up your sleeves – the list of ...
The IRS has released proposed regulations, giving businesses needed details about tracking and reporting income based on tips. The One B...
Don’t be surprised if employees are smiling a bit more after their first paychecks of 2024 come in. Many workers will see a bump in t...
The Department of Labor (DOL) has finalized a technical amendment restoring the 2019 overtime salary threshold to the Code of Federal Regul...
