Today is Halloween 2019: Are you all set for January 31, 2020?

Joe Emmanuel
Nov 1 · 2 min read

Starting in the fall, there are many things your business has to do for the year-end tax season preparation. One such important thing is getting ready for W-2, 1099, 1095 Forms filing and distribution by the end of January.

Today is Halloween 2019. Are you all set for January 31, 2020?

If you are a business owner and focused on business results, you would have completed the following tasks at least by now:

  • Reviewed prior year-end issues and lessons learned
  • Coordinated discussions with all the departments that touch year-end process
  • Run mock year-end forms for W-2, 1099 and 1095 with third quarter data
  • Reviewed your readiness for any new changes starting this tax year — for instance, NJ ACA individual mandate requirement is the most important change this year for NJ businesses
  • Reviewed if your current vendor is good enough to meet all your needs

On the contrary, if you are a business owner whose day-to-day tasks are so many that you don’t have enough time and therefore you decide to cross that bridge when the time comes, then your risk-based management approach should start year-end activities soon enough — how soon is soon enough? at least by mid-January of 2020 depending on your risk appetite.

Either way, you need to meet January 31 IRS deadline for your W-2, 1099, 1095 Forms.

As you grow your business and focus more on business results, your life gets a little more complicated. Maintaining your business compliant with IRS deadlines is one of the critical pieces of your operation that adds to the complexity. Have you considered the impact of non-compliance on your approach to meet those deadlines?

In order to help mitigate your risk of non-compliance, you may need a competent vendor — one who provides a complete software combined with good customer service. The vendor should be able to help you meet the January deadline.

It is still not late. If you haven’t started your year-end preparation yet, there are steps you can take to start the process now. That should put your business in the right course by Thanksgiving…

If you’re looking for a complete W-2, 1099, ACA (1095, 1094) reporting solution including NJ ACA mandate, or you already have one for your business, we want to hear from you. You can get in touch with me on Twitter @Joe2969

Joe Emmanuel

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Focused on efficiency and compliance to businesses.

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