In our recent webinar, "Proactive HR and Compliance Planning for a Strong Year-End Finish," Tax Account Executive Jason Kools and Tax and Compliance Manager Eric Wells shared effective strategies to help attendees navigate the year-end process with ease. The session covered essential topics, including updating employee information, preparing payroll for year-end filing, and ensuring your team is fully equipped for a smooth and compliant year-end.
View the full webinar here:
Common Year-End Form Pitfalls
We started the webinar by highlighting common pitfalls businesses encounter during year-end filings, including incorrect employee information, payroll discrepancies, and late submissions. We emphasized the importance of proper training and knowledge to avoid these issues.
Update Employee Information
Next, we walked through the critical step of updating employee information. We explained how outdated information, such as incorrect addresses or Social Security numbers, can lead to compliance issues and delays in form submissions.
Perform Regular Payroll Audits
Jason emphasized the importance of conducting regular payroll audits to identify and correct discrepancies. He provided tips on matching payroll records with financial accounts and ensuring all final payments like bonuses, final paychecks and deductions are properly accounted for.
Ensuring Accurate Tracking of Employee Income
We emphasized the importance of accurately tracking all employee income, particularly when reporting taxable income to avoid penalties. We also highlighted the need to match reported income with government records to prevent future issues. With Greenshades, you can validate which forms need to be submitted based on reporting thresholds, ensuring that all income, no matter how small, is reported correctly.
Steps for Filing W-2 and 1099 Forms
The webinar concluded with detailed steps for filing W-2 and 1099 forms. Eric outlined the entire process, from data import and employee/vendor verification to resolving any issues that might cause rejections and ensuring all totals are accurate. We recommend beginning the SSN/TIN verification process as soon as the year-end forms portal opens to avoid delays.
Key Takeaways
We wrapped up with key takeaways to help streamline your year-end process, including the importance of using integrated systems for payroll, HR, benefits, and tax filing, and following best practices for accurate and timely submissions. Leveraging tools like Greenshades can make a significant difference in staying ahead of the curve and ensuring a successful year-end.
For more detailed guidance on how to prepare for year-end season, don’t hesitate to reach out to our team for a personalized demo.
