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
Webinars
Provided by Yooz
Further Reading
A shift in travel and expense (T&E) management is becoming too big to ignore, and it centers around non-employee travel expenses. Tr...
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...
AI and machine learning technology is giving companies an edge like they’ve never enjoyed before. Businesses can pinpoint exactly whi...
Fully integrated, automated payments! A dream goal for many CFOs and controllers. Imagine how much more mission-critical work finance staff...
The IRS is extending an olive branch to businesses that received tax credits related to COVID-19 in error. The tax cops are launching a ...
Data cleaning is a critical step for financial professionals, ensuring that raw data transforms into reliable insights. Messy datasets w...
