Milwaukee Accountant Tax Tips For Small Businesses
As Milwaukee and Waukesha small businesses and their accountants and other advisers are preparing for year-end tax preparation, Here are five tips for payroll taxes.
1. Verify tax IDs.
A small-business owner should collaborate with his or her accountant or payroll service provider to ensure each tax ID number on payroll reports are correct and current. Any mistake should be fixed prior to processing the company’s last payroll of 2012.
2. Confirm W-2 and 1099 information with employees.
Before the end of the year, employees should review and confirm their W-2 and 1099 information. Small-business owners are responsible for providing accountants with updated employee W-2 information before the last payroll report in 2012. If a W-2c form must be filed with the IRS to correct information on a W-2, the accountant should be notified immediately.
3. Know your filing responsibilities.
Depending on the situation, the small-business owner or the company’s accountant must file the company’s taxes, and that responsibility should be confirmed with the accountant or tax adviser.
4. Submit payroll adjustments.
All employee payroll adjustments, including voided or manually issued employee checks, are to be submitted to the accountant or payroll service provider prior to the final 2012 payroll report. The deadline for this is Dec. 28.
5. Report all missing wages or miscellaneous income and tax credits.
Missing wages and miscellaneous income and tax credits are required to be reported to the accountant or payroll service provider before the final 2012 payroll report. These wages, income and tax credits include fringe benefits, tips, COBRA payments, employee moving expenses and unsubstantiated employee expense reimbursements.