Hard to believe that we are already in November. The holiday season always moves quickly, and the new year will be here before we know it. For many companies, the new year also mean tax compliance forms. Filing 1099 and W2 forms in a timely manner is a critical compliance requirement of all businesses no matter their size.
It is important to be aware that these forms change on an annual basis. Some changes are minor wording modifications, while others require programming changes and upgrades to your accounting software. The IRS has finalized the format for 2019 forms that will need to be filed by all businesses. While many businesses utilize tax preparation firms, the majority of small businesses continue to handle these functions in-house. The right accounting software in conjunction with the correct preprinted forms (laser statements, continuous forms, self-mailers) will help make sure your business remains in compliance.