Life happens, however, payroll must go on. Are you ready for year end? Here is a helpful checklist to ensure you are ready for the W2 and 1099 reporting coming your way soon:
• Employee profiles: Are you up to date? Ask employees to verify their information.
• Employee documents: Avoid Fines. Important documents are Federal Forms W-4, I-9, and state tax forms in your area. Find the Federal forms you need on the IRS website.
• Payroll Items: Look through items in your Payroll Item List and make sure all of them have the right tax tracking type.
• Bonuses, reimbursements, and deductions: Review Now. You only have until December 31st to make sure these amounts will appear on employees’ 2014 W-2 forms.
Do you hire 1099 Contractors? Make sure to secure a W9 from all service/provider Vendors, if not a Corporation, if you have paid them over $600.00 in a calendar year. If they do not provide W9, you need to withhold taxes from their payment.
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