1099 Misc and W-2 Form Tips

Mar 06, 2014

TaxTips4The February 28th deadline has just past for submitting the red copies of W-2’s and 1099’s to the federal governing agencies. Many companies were finished long ago. Others are still hustling around getting employee and subcontractor information from individuals who maybe no longer working for the company anymore.

Since it’s the early part of a new year, now is a good time to take a look at your paperwork and verify information. This will help the last minute calls from those involved trying to get information to prepare the necessary forms. Have your employees prepared a new W-4 for payroll tax withholding since they were originally hired? Have vendors or subcontractors filled out an IRS form W-9? One can easily update their vendor and subcontractor information with a mass mailing requesting the completion of an enclosed W-9. This will enable you to have the correct name, address and social security/federal ID number on file. When it comes to January 2015, you will have everything you need for the accountant to process the W-2 and 1099 forms without a big delay.
Please print neatly when hand writing information. If you can’t read it, chances are, others probably can’t either! These simple tips will help insure that your company will be ready when the end of the year tax forms are needed.

By: Sandra Stone, Accountant

Categories: Uncategorized