It’s that time a year again… and no we’re not referring to the holidays. It’s time to start thinking about your year-end updates. Luckily this task only has to be performed once a year. However, that also might mean that you haven’t thought about it in a year’s time and now need to dust off the cobwebs. Don’t fret! ASI is here to help prepare you and your organization for your year-end closes.
The first thing you want to do is get proactive. Start preparing your organization for these updates to help reduce the stress level come crunch time. Here are some examples of the changes you can expect:
W-2 Form Layout Changes:
New codes have been added to Box 12 on the W-2 form:
- Code DD is to be used to report the cost of employer-sponsored health coverage.
- Code EE is to be used to report Designated Roth Contributions under a governmental section 457(b) plan.
< h6>W3 Form Layout Changes:
- Box 9 (Advance EIC payment) has been removed because this field is no longer used. Several other boxes are adjusted in the layout to accommodate the new section in Box b, Kind of Employer section, as described previously.
1099 Form Layout Changes:
- Boxes 10-15 have been renumbered 12-17. The data in the boxes follows to the renumbered box.
Accounts Payable 1099 Electronic Filing Changes:
- The name control information in field positions 7-10 of the Payee “B” Record is updated for all form types.
W-2 Electronic Filing Changes:
- The Preferred method of Problem Notification Code field (position 499) in the RA Submitter Record is removed and is now shown as a filler (blank spaces).
Whether you just need a refresher course or you have questions about changes, ASI wants to help your filing go as smoothly as possible. Come attend a year-end class. Here, you can ask questions and get tips for filing. The SL class is on December 11th at 10 a.m. and the GP class is on December 12th at 10 a.m. You can sign up for these classes online here. We you can all make it!