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5 things you should do now to prepare for year-end payroll reporting

BMT Office Administration

However, Payroll teams are busy preparing for a different season — year-end reporting. The e-filing mandate applies to all information returns, including Forms 1099-DIV, which are often filed by Shareholder Services. You can be penalized for filing W-2s, 1099s, and 1095s on which you report incorrect Social Security numbers.

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IRS releases new FAQs on Form W-2c

BMT Office Administration

The IRS has released a new round of FAQs in two fact sheets, both of which clarify the circumstances under which you must provide employees with Forms W-2c if you took the payroll credits for providing them with pandemic-related paid sick or family leave during 2020 and/or 2021. Fact sheet 2022-15.

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IRS fact sheet causes confusion around Form 941

BMT Office Administration

We admit we were thrown for a loop after reading the IRS’ latest fact sheets on reporting pandemic-related paid leave to employees on Form W-2c. 31, 2021 ) in box 14, or (2) provide a corrected statement to the employee correcting the prior reporting. What Form 941 says. Welcome to the club. Now we’re not so sure.

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Common mistakes made on Forms 1094-C and 1095-C — ACA reporting

BMT Office Administration

The IRS released Forms 1095-C and 1094-C for 2022 healthcare information reporting last week. These forms are required reporting under the Affordable Care Act for employers required to offer health insurance coverage. The instructions are still in draft form , however not much has changed from the 2021 reporting.

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1099 vs W-2: The difference between employees and contractors

BMT Office Administration

Forms such as IRS Form W-2 and IRS Form 1099 need to be sent out by the end of January. Both forms provide end-of-year compensation information that employees and contractors need for tax purposes. A W-2 is a tax form that businesses send to their employees as well as the government. What is a W-2? What is a 1099?

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Rocky tax season could lead to slow refunds for employees

BMT Office Administration

2021 Form 1040 tax filing stats so far. 25, 2022, (i.e., about four weeks into the tax season), it reports it received 45,413,000 returns, which is a 0.3% What’s up with Forms 941? As of March 2, 2022, the IRS had 2.5 A portion of this backlog is due to pandemic-related payroll credits.

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How to Maintain Your Company Culture Past the Startup Stage

Success

Some people are having trouble letting go, and the new folks are confused about whom they report to. One answer is that as the company payroll increases, they cannot have a personal relationship with every employee and they lose sight of what’s happening below them. An org chart is in the works, but it’s a bit messy.

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