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Introduction
Are you prepared for the upcoming changes for year-end forms? Dive into Greenshades' second installment in the Year-End series, Mastering Year-End Form Updates: Employer Essentials for the New Year," featuring our tax and compliance experts, Hannah Walk and Laura Detsch.
Watch the On-Demand Webinar here:
Form & Return Highlights
This segment reviews the details of W-2 and 1099 forms, complemented by an insightful chat about payroll tax returns 940 and 941. Laura emphasizes the crucial task of ensuring that 941 and W-2 figures are in sync before submitting.
Essential Updates on Year-End Forms and Payroll Tax Returns
Starting January 2024, organizations dispatching over 10 information returns (e.g., 1099, 1095-C, or 1042-S) must file electronically. Review your current filing methods and think about leveraging modern technology for peak efficiency.
The forthcoming system sets the pace for efficient e-filing of 1099 forms, in line with the newest e-file requirements. Note: Securing a Transmitter Control Code (TCC) is mandatory for this portal, unless working with an affiliate like Greenshades.
Previously, the 1099-K form was essential for businesses with more than 200 transactions exceeding $20,000. However, 2023 ushers in a revised threshold: only $600, with no transaction count limits.
Hannah highlighted the IRS's initiative to refine tax returns, merging Form 940/941 documentation for U.S. territories. From Q4 2023, the 941-SS/PR version gets discontinued, ushering in the era of Forms 941 and 941 (sp). Additionally, 2023 will bid farewell to Form 940-PR.
Key Takeaways
- Form Awareness: Recognize appropriate forms for filing and stay alert to essential timelines.
- Technology Empowerment: Harness a tech solution to stay on top of compliance changes and eliminate redundancy.
- Stay Compliant: Punctual form submission, alignment with current compliance standards, and data verification are crucial to prevent fines and penalties.
Need assistance with year-end forms? Contact Greenshades today. Discover how our year-end, tax and cloud solutions can simplify compliance and benefit your team.
