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As part of our year-end form webinar series, Greenshades hosted an insightful session to guide organizations through the evolving landscape of year-end reporting and compliance with our tax and compliance experts Amber Manuel and Jason Kools. This session focused on recent form changes, IRS updates, and how Greenshades' solutions simplify tax and compliance workflows.
Watch the full session here:
Key Takeaways
- Key 2024 Form Changes: Attendees explored critical changes, such as the addition of Code II in Box 12 on W-2 forms for Medicaid waiver payments and ongoing updates for 1099-MISC. Other updates inlcuded state-specific compliance nuances in states like California, Colorado, Maine, Maryland, and Illinois, emphasizing preparation for upcoming deadlines.
- IRS Notice 2024-85: 1099-K Updates: The session detailed new reporting thresholds for Third-Party Settlement Organizations (TPSOs) - $5,000 for 2024, $2,500 for 2025, and $600 from 2026 onward. Staying ahead of these changes is essential to avoid penalties.
- Best Practices for Filing: Attendees learned practical steps to prepare for year-end, including early form submissions and leveraging tools like Greenshades Archiving to track filings effectively.
The Greenshades Advantage
- Seamless Tax Integration: Simplify tax season for your employees by integrating Greenshades with leading tax preparation software like TurboTax and H&R Block. This seamless connection allows employees to access and use payroll and financial data effortlessly for 1040 preparation, reducing the time and effort typically required for filing.
- Comprehensive Archiving Services: With Greenshades' archiving solutions, you can securely store and easily access critical year-end forms and payroll data. This ensures your team remains compliant while streamlining historical data management for audits and reporting.
- Year-Round Support Beyond YEFs: Greenshades goes beyond year-end forms with robust solutions for payroll tax submissions, information returns, and integrated payroll and HR services. Our Employee Self-Service (ESS) portal empowers employees to easily access and download essential documents like W-2s and 1095 forms.
- Advanced Verification Services: Greenshades simplifies SSN and TIN verification to minimize errors and ensure compliance. Additionally, through our partnership with Mekorma, we offer Same-Day verification and year-round TIN verification services for an extra layer of accuracy and compliance assurance.
To ensure you’re ready for the upcoming filing season, we encourage you to explore Greenshades' full suite of year-end resources, including a helpful guide to take you through the Greenshades process, support videos, and tax compliance tools.
Take the Next Step: Partner with Greenshades to simplify your 1099s, W-2s, and other year-end reporting needs. Visit our Year-End Resource Page or contact us at sales@greenshades.com to streamline your compliance process.
