Quickbooks Tip of the Month: January 2018 – Payroll and information returns

For businesses that are preparing year-end payroll and information returns from Quickbooks, the following tips are helpful in order to avoid the most common mistakes:

  1. Budget ample time and set aside uninterrupted time to prepare year-end tax forms such as W-2s, W-3, Forms 940 and 941, and state quarterly tax returns.
  2. Order the correct tax forms to arrive on time. Most of these forms also can be purchased at office supply stores, wholesale stores, etc.
  3. Download payroll updates from Quickbooks before preparing the year-end tax forms.
  4. Be sure all forms are printed with the correct year.
  5. In order to eliminate costly mistakes, be sure to do a test print before the actual form is printed.  It’s easiest to make a copy of the actual form to see how your information will print on it.
  6. Reconcile the wages reported to make sure the W-2 totals equal the amounts reported on the W-3 and the W-3 totals equal the amounts reported on the quarterly reports.  Make sure all the 1099 forms are in agreement with the total on Form 1096.
  7. Be sure to have all the IDs and address of the 1099 recipients updated in Quickbooks.  If you don’t have the correct information, you can send the vendors Form W-9 to be completed and sent back to you.
  8. Remember the deadline for all W-2s, W-3 and 1099-Misc-Nonemployee compensation and the related 1096 is January 31, 2018.

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