Join us as we recap Greenshades' insightful webinar, "Compliance Pitfalls to Avoid: Common Year-End Reporting Mistakes and How to Prevent Them." In this 30-minute session, our tax experts, Alisha Rocks and Julia Truitt, share essential tips and strategies you can leverage to minimize errors in your year-end filing.
Below are a few things to note but be sure to check out the recording to get the most out of their expert advice!
View the full webinar here:
Avoid These Common Year-End Reporting Errors
Filing Timing is Crucial
Avoid the pitfalls of filing too late or too early. Julia Truitt highlights the importance of tracking filing deadlines for various forms. Remember, starting January 1, 2024, the e-filing threshold drops from 250 to just 10 returns. Utilize print and mail services and educate employees on electronic distribution of W-2s and 1095s.
Accuracy in Social Security Numbers
Begin the year-end filing (YEF) process early to allow time for SSN verification. Ensure accuracy in SSN reporting and match them correctly to employees. This step is crucial to avoid discrepancies and delays.
Correct Employee Addresses
Inaccurate employee addresses can significantly delay delivery. Julia advises paying attention to details, such as ensuring consistency in how employees enter their names and addresses. Encourage employees to update their personal information, including mailing addresses and emergency contacts, in Q4.
Reporting All Taxable Income
Ensure all taxable income is reported accurately. Leverage technology to minimize manual entry errors and integrate payroll and ERP systems for automatic mismatch alerts.
Actionable Strategies for Error Prevention
Implementing a robust payroll, HR, and tax filing system can significantly reduce errors. Alisha Rocks emphasizes the importance of accurate payroll calculations, updated HR information, and correct 941 return totals for a smoother year-end process. Pay special attention to uncommon payroll calculations for accurate reporting.
Key Takeaways for Year-End Form Compliance
Even experienced professionals can make mistakes. Here are essential tips to minimize errors:
- Understand and track the necessary forms and their filing deadlines.
- Partner with year-end technology experts to reduce errors and save time.
- Ensure timely and accurate form submissions to avoid penalties and facilitate employee tax filings.
Need Year-End Form Assistance?
Contact Greenshades for expert help with your year-end forms. Discover how our solutions in payroll, HR, and tax compliance can help your organization avoid common mistakes and stay compliant.
Guarantee a January 31st Postmark: Submit Forms by January 23rd to Meet the Deadline
Manage Corrections Seamlessly with Greenshades: In most instances, we facilitate W2 and 1099 corrections directly within our product. Should you require additional assistance, our support representatives are ready to assist or connect you with our tax experts as necessary.
-->Download the complete webinar deck here.