Holidays and strict deadlines create a very short window for business owners to close their books and report wages and income for their staff and any contractors hired throughout the year. In addition its speedEfiler.com service, Greatland, provider of W-2 and 1099 products and resources for businesses, has released a list of tips and advice to get business owners through the stressful task of year-end W-2 and 1099 reporting. speedEfiler.com is a web-based wage-reporting tool that allows users to file, print and mail W-2 and 1099 forms online.
Greatland advises business owners to:
- Outsource if necessary. There are several services and products available for W-2 and 1099 reporting. Options exist for outsourcing this task if necessary. There are also plenty of software options that make reporting yourself simple.
- Make a list of Form 1099 recipients. Before the year is up, set aside time to review all accounting and payroll records to identify any recipients that should receive a Form 1099. Doing this before ahead of time will help eliminate stress as the deadline approaches.
- Verify personnel records. Make sure that you have the correct mailing addresses and social security numbers for all staff and contractors. Also, have them verify and update their mailing addresses. Send out reminders via email or with their check stubs. If you’re missing information from contractors, use Form W-9 to fill in the missing information.
- Update general ledger accounts. Be sure to update and reconcile all general ledger accounts, especially those that affect wages, taxes and other business expenses.
- Be mindful of winter weather. Consider submitting forms early to account for any inclimate weather that could delay the mailing process.
- Read the instructions. Make sure you are aware of any changes to reporting requirements by reading the first page of the instructions for Forms W-2 and 1099.
- Review data. Always review the information several times to make sure you are filing the correct information. This will help save time and fines in the long run.
The deadline to have Forms 1099 and W-2 to contractors and employees is January 31, 2013, which means all forms must be mailed and postmarked on or before this date.