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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. We don’t have the answer.

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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. Plan for a lower mandatory e-filing threshold. We don’t yet know whether the IRS will issue final regulations dropping the mandatory e-filing threshold down to 100 or more information returns from 250 or more returns.

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W-2 E-filing guide: Brush up before you file

BMT Office Administration

Most employers are probably familiar with the e-filing process. With that in mind, even if you’ve e-filed your W-2s before, it’s still a good idea to review the process and ensure you’re following the right steps. Step 1: Navigating to the wage file upload page The SSA has redesigned its website.

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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

While individuals have until April 18, 2023, to file their personal income taxes, businesses have to start thinking about tax requirements a bit sooner. Forms such as IRS Form W-2 and IRS Form 1099 need to be sent out by the end of January. A 1099 is a form used to report non- employee compensation. What is a W-2?

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Rocky tax season could lead to slow refunds for employees

BMT Office Administration

There’s a reason the IRS rolled out some new tools and beefed up some old tools on its website this filing season—it’s still bogged down with last year’s returns! The likely effect will be delayed tax refunds for taxpayers who file even minimally complex returns. 2021 Form 1040 tax filing stats so far. 25, 2022, (i.e.,

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Ensuring payroll compliance in 2024: What’s new?

BMT Office Administration

Maintaining payroll compliance is a must for accounting departments, but it’s often easier said than done. That’s especially true whenever new changes come about, and 2023 was a year rife with new payroll regulations, trends, and initiatives. From the implementation of SECURE 2.0 From the implementation of SECURE 2.0

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