2020 is right around the corner and we want to ensure you have the best experience possible when it comes to your W-2s, Affordable Care Act (ACA) reporting and year-end tax filings. The best way to ensure success during year-end? Think about January now!
Know the Timeline
Identify the tax filings such as W-2s, 1095-Cs, 940, T4, etc. You are required to file and document the filing deadlines. In some cases, there is a deadline to get the form to the employee and a different date to file with the government agency. Create a calendar of important dates and make it available to your team.
Make a Plan
Reflect on year-end experiences from prior years. What worked well? What didn’t? What processes are you and your team unsure about? What do you need more information on? What has changed since last year? Has anything changed with your payroll that will impact tax reporting? The time to discuss and plan is now, so you are ready to execute on your plan in January.
Some questions to think about as you work on a plan:
The preparation done now will pay off in January, so here is to a smooth and successful year-end!
For more information, and before acting on any information contained within this article, Avionté recommends consulting with your legal counsel.
This information should not be construed as, and does not constitute, legal advice.
Compliance Questions or Suggestions? Email us at Compliance@avionte.com
How to Make Year-End Compliance a Success!
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