Time constraints…who hasn’t felt the pressure of this? They’re everywhere, and there seems to be more and more of them these days.
Recently, the IRS announced changes to the submission deadlines for W-2 forms and the W-3 transmittal with the Social Security Administration. They are now due on the same day W-2 forms are due to your employees…January 31.
This deadline also includes 1099-Misc forms for any contractors your company has used throughout the year and the 1096 transmittal to the IRS. You are no longer afforded the ability to file the government copies on February 28th. So, that pressure you felt from your accountants to get them all of the information by February, is only going to intensify.
This leaves to question, how can you keep the government happy and your accountant’s stress level down?
- Implement a plan to have all employees verify their personal information (SSN, address, spelling of their name, filing status, etc.) by December 1st.
- Ensure all contractors complete and sign form W-9 with all of their current identification and filing information, immediately upon an agreed contact.
- Contact your payroll and accounting software distributors to ensure they are on top of this change so you can stay ahead of the change.
- Meet with your accounting and HR teams to ensure everyone is on the same page. Everyone needs to know the who, what, where, when, why, and how to ensure your business is compliant with this new deadline.
GPL is here to make this transition as painless as possible. Schedule your appointment today for assistance with this new ruling by going to http://gpltax.com/ or by calling 425-502-9465 M-F 9am to 5pm.