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In Master Your Year-End: The Ultimate Playbook for 2024 Filing, the first installment of Greenshades’ Year-End Forms Webinar Series, Laura Detsch, Compliance Manager, and Jerika Holton, Product Marketing Manager, outlined the essential steps for ensuring accuracy and compliance in the upcoming tax season. The webinar provided actionable insights for organizations looking to optimize their filing process while staying compliant with the latest regulations.
Watch the full recap here:
Preparing for Year-End
Attendees learned the importance of verifying data early. Ensuring that company information in ERP systems is accurate and employee contact details are up to date helps prevent issues during year-end processing.
The session also covered 2025 updates, including:
- A projected increase in the Social Security wage base from $168,600 (2024) to $176,100 (2025)
- Changes to FSA contribution limits and 401(k) caps
Imputed Income and Compliance
The webinar covered key aspects of imputed income, including how group-term life insurance, educational assistance, and dependent care benefits affect year-end reporting. Proper calculation and reporting help businesses avoid discrepancies and potential penalties.
Employee and Employer Information
Attendees reviewed the essential information required for accurate year-end reporting, including employee SSNs and employer EINs. With Greenshades partner Mekorma, businesses can verify TIN numbers to ensure records match government databases, helping avoid filing delays and penalties.
Common W-2 and 1099 Forms
The session explored various W-2 forms, including special types like W-2G (for gambling winnings), W-2GU (for Guam wages), and W-2PR (for Puerto Rico wages).
Important Filing Deadlines
Key deadlines were discussed to ensure forms like W-2, 1099, and 1095-C are submitted on time. Late filings can result in hefty fines, ranging from $60 for being 30 days late to $660 for intentional disregard of filing requirements.
Filing Options: Paper vs. Electronic
The webinar compared paper and electronic filing, with a strong recommendation for e-filing to reduce errors, save time, and decrease environmental impact. Greenshades supports both methods, giving businesses the flexibility to choose the best option for their needs.
Changes to Year-End Filing
One of the most important updates for this year is the reduced e-filing threshold, now requiring businesses to e-file if submitting 10 or more forms (down from 250). This change requires businesses to consolidate their filings and ensure compliance with both federal and state requirements. Other updates included:
- New 1099-K filing thresholds
- Changes to 1099-MISC and W-2 forms
- Notices about refundable tax credits
We walked through the specific steps required to file W-2 and 1099 forms, from data import to final distribution. Attendees were shown how to use integration tools to simplify data handling and resolve any issues that could cause form rejections
Wrap-Up: Key Takeaways
The session wrapped up by emphasizing key strategies for year-end preparation. Leveraging Greenshades’ platform reduces manual effort, upholds compliance, and ensures timely submissions.
Visit Our Year-End Resources Page
This webinar provided practical tools and insights to simplify year-end filings, ensuring compliance and preventing costly mistakes. To learn how Greenshades can support your year-end process, contact us for a personalized demo. For critical filing deadlines and federal updates, visit the IRS website.
