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Webinar Recap: Mastering Year-End Form Corrections with Ease

Written by Jerika Holton | Jan 19, 2024 5:00:00 AM

The 'Correcting Year-End Forms with Confidence' webinar, part of the Year-End Forms series, provided in-depth insights into handling form adjustments, corrections, and revisions. It specifically addressed complexities associated with key year-end forms like 941s, W2s, and 1099s. Hosted by Greenshades experts Alisha Rocks and Hannah Walk, the session offered valuable knowledge for accurately managing these critical forms.

Watch the webinar here:

Key Takeaways

Understanding Adjustments, Corrections, and Revisions

We kicked off the webinar with an exploration of the common errors encountered during year-end filing and provided clarity on the district types of changes required, such as:

  • Adjustments: Necessary when additional information is required to complete a previously submitted form.
  • Corrections: Implemented to replace incorrect information on a form that was already filed.
  • Revisions: Applicable when forms have been distributed but not yet filed with the IRS.

Correcting 941s

The section on the 941-X form in the webinar emphasized the necessity of paper filing for corrections each quarter. It focused on the importance of promptly correcting errors related to wages, withholding, Social Security, Medicare, tax credits, or payments, highlighting these aspects as critical for accurate form management.  

Correcting W2s

The webinar segment on W2 corrections, presented by Alisha Rocks, focused on correcting inaccuracies in employee data, wages, and tax withholdings. This part of the session was key for understanding how to rectify common errors in W2 forms.

We also covered how Greenshades software facilitates the creation and management of revised or corrected W2 forms. It particularly focused on the ease of making paper corrections using Form W2c, demonstrating the software's efficiency in handling such tasks.

Correcting 1099s

The session then transitioned to 1099 corrections. Attendees learned about correcting errors in vendor information or payment details, marking the form as corrected, and ensuring accurate data entry.

Correcting 1095-Cs

Challenges in managing 1095-Cs, such as errors in employee counts and coverage information was next. Alisha Rocks detailed the specific line items on these forms, underscoring the vital importance of accurately representing healthcare coverage information.

State and Local Amendments

We also touched on the importance of being aware of state and local requirements for corrections. It highlighted the necessity of consulting with legal counsel for specific guidance in these scenarios.

Conclusion

"Correcting Year-End Forms with Confidence" offered a comprehensive overview of the correction process for various tax forms. It stressed the significance of accuracy and legal consultation in making these corrections. Greenshades, with its tools and support, simplifies this process, ensuring compliance and minimizing errors.

For more information on how Greenshades can assist your team with year-end forms and handle corrections, visit Greenshades.