01/19/2015
It’s that time again! Tax Time and it’s in full swing! Are you ready? Do you have everything prepared to meet Federal and State deadlines for your business?
Many business owners are overwhelmed this time of year and do not realize that bookkeepers have the ability to organize and keep books updated with very few hours for most small businesses. Contact me for a quote if you are in the market for an accountant/bookkeeper.
Here are some February deadline dates to mark your calendar with:
By Feb. 15
• Have employees who claimed exempt in 2014 fill out new W-4s
By Feb. 16
• For those employees claiming exempt in 2014 that did not fill out a new W-4, start withholding as a single with no allowances
By Feb. 28
• Forms W-2, copy A, W-3 and CTW-3 due (online filing is now a requirement for CT) Register at ct.drs.gov TSC
• 1099-MISC, 1096, CT-1096 due
• Form 8027 Annual Tip report due
Tips
What do you do if an employee loses their W-2 and requests a duplicate?
• You can send a copy of the employer’s copy
• Type/Write “REISUUED STATEMENT” in the upper right-hand corner of each W-2 copy
• For your records, photocopy the newly addressed mailing envelope and write the date mailed on your file copy
• It is also a good idea to create a “Duplicate W-2 Request Form” to be kept in your files. It may include such things as request date, and new address or reason for request. Have the employee fill out the form and sign it and keep it for your records
What do you do if a W-2 is returned in the mail to you?
• Keep it in the original envelope
• If the employee contacts you, place the original W-2 in a second envelope with the new address and mail
Planning ahead and keeping accurate records will help make tax filing requirements a much simpler task to accomplish on time.
