Today’s post is by Tech Support Specialist Jessica Barber.
As the year is coming to an end, there’s lots of excitement for the weather changes and the holidays with friends and family. Aaaand there’s also year-end filing and W2s. No one looks forward to this part, but it will be here before you know it.
Food for thought: Tax – 1a burdensome charge, obligation, duty, or demand. 2A sum of money demanded by a government for its support or for specific facilities or services, levied upon incomes, property, sales, etc.
These COATS tips can help with your year-end preparations and filing: W2 Count, Magnetic Media Filing Availability and W2 Creation.
- W2 Count: Need to know the number of W2s to order? COATS can give you an estimate of how many you need. Through the Payroll menu, there is an item called “W2 Count.” This will open a window with the approximate number of W2s needed at the point in time selected. COATS will create this number based on the employees paid and each state the employee was paid within. COATS recommends using that as a guide and ordering more than it lists.
- Mag Media Filing Ability: COATS allows users to create Magnetic Media files for both federal and state reporting, which are based on the specs from the federal and state governments. To file federally, you must with the Social Security Administration’s Business Services Online.
The SSA’s employer filing page will give you more info on uploading your federal file, including the Accuwage software, which lets you check the file prior to upload for validity. You should also review the latest changes to filing online W2s; the latest version of Accuwage includes these changes. (Quick note about Accuwage: it’s not our software, it’s the federal government’s, so contact the Social Security Administration if you have questions about Accuwage.)
- W2 Creation: Decided against printing your W2s? You can outsource the printing by exporting the W2 data through “Upload All W2 Data.” COATS also lets you create a file for Employees who have signed up for Online W2s through “Upload W2 Data” for Global Users.
If you have any questions about W2s in general, check out the thrilling IRS Publication 1141, which explains the rules for W2s.
What Makes This Year Weird
Now, 2013 is going to be a little different than most years because the government shut down for a few weeks this fall. So the SSA and IRS are going to be a little behind schedule in the receiving and processing of W2s. You can find the info about the SSA’s shifted deadlines on their employer filing page. The IRS is also letting folks know that the 2014 tax season is gonna start a little later than usual. So be sure to keep these new deadlines and timetables in mind.
DISCLAIMER: The above was written to help make your Year End and Magnetic Media filing more efficient. The user is responsible for ensuring the proper payment and filing of all taxes, as well as the accuracy of all calculations. Please be sure to consult with your Tax Advisor for verification of all reports you are required to file.
Want more advice on how to prepare for the end of the year? Call Jessica at 1-800-888-5894 or email her.