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Tuesday Tips and Tricks
April 30, 2013
New I-9 Employment Eligibility Forms
Federal law requires that all employers have a completed I-9 on file for any W-2 new hire no later than the first day of employment. In March, U.S. Citizenship and Immigration Services (USCIS) released a new version of the I-9 form. Beginning on May 7, 2013, employers must use the new form for all new hires.
This form contains personal information, and should not be stored in an employee's personnel file. Employers should provide adequate safeguards to protect employee information.
Forms and supporting documentation must be retained for three years after the employee began working for pay or one year after termination of employment, whichever is later.
This form can be printed from newer versions of Quickbooks from the Employee drop down menu under Employee forms. Otherwise, a copy may be printed from the US Citizenship and Immigration Services website at www.uscis.gov.
Don't Risk Falling
Although 1099 reporting is still months away, now is the time to review your vendor list and see who may be eligible to receive a 1099 at year end. Any individual, sole proprietor, partnership or certain LLC's that you paid over $600 for services that is not on your payroll. LLC's that are taxed as a C or S corporation do not require a 1099. Attorneys receive a 1099 regardless of whether or not you paid them over $600.
In order to file a 1099, your vendor will need to supply you with a W-9 form. If you are using a newer version of Quickbooks, a blank form can be printed from Employee drop down menu under Employee Forms. Otherwise, you can download and print a copy from the IRS website.
If you are unsure of a classification, file a 1099. You will not be penalized for filing a 1099 if you do not need to. Failing to file one when you should may result in a heavy penalty.
Having completed W-9 forms on file now, will save you a lot of time and headaches at year end chasing down W-9 forms and running the risk of not getting a 1099 issued when you should.
year. Here are a few good tips to make next year's tax season a little easier and even less costly.
At Off Site Business Services, we are always identifying and implementing ways to help small business owners stay ahead of their record keeping. If you are looking for ways to simplify your bookkeeping, call us at 877-966-4441 for a free one-hour consultation.
Spring Cleaning Special
Quickbooks Install / Upgrade / Clean-Up
Need help installing or upgrading your Quickbooks file? Does your data file need to be cleaned up? Are your reports giving you the information you need? We can help.
- Quickbooks Install/Upgrade.
- Customize Quickbooks Chart of Accounts for your specific reporting needs.
- Review Chart of Accounts.
- Review Financial Statements to ensure reliable, accurate reporting.
- Create Memorized Transactions to save data entry.
- Set Up Online Banking and Sync with Quickbooks.
Call Kim at 877-966-4441 for a quote.
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