Year-End Planning

Every employer engaged in a trade or business that pays for services performed by an employee must furnish a Form W-2 to each employee, even if the employee is related to the employer. Key factors that require the filing of a Form W-2 include withholding of income, Social Security or Medicare taxes or if you paid $600 or more in wages, even without withholding taxes.

There are so many intricacies when it comes to Form W-2.

Organizations that make certain payments to nonemployees during a calendar year must distribute annual information returns both to the IRS and to the recipient of the payment. In order to facilitate payment to independent contractors and vendors, the IRS created the Form 1099 Series. Each Form 1099 has its own specific reporting requirements.

Learn what you need to know to make sure you’re in compliance.

Does your organization provide vehicles to its employees? If so, you need to pay attention to how this may affect your employee’s taxable income. When your employee uses a company vehicle for personal use, it becomes taxable and must be reported on their W-2. By catching this early and preparing for it throughout the year, you’ll be ready for a simpler year-end planning process.

Want to find year-round strategies to make the tax laws work for you? We've compiled a guide to help you move forward in the new year with tax saving opportunities and tips.