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Get ready. Get set. Year-end filings are almost here.

Before you know it, your business will need to file year-end W-2s, 1099s and other informational tax returns. Getting this wrong could cost you hundreds per missed form. Here are some tips to be ready to hit the ground running.

Review your employee records. Now is a good time to ensure you have updated records and addresses for all your employees. This is especially true for any employee who is recently married or moved during the year. Keeping track of terminated employees should be done throughout the year, but a quick review of these records now can save time when compared with waiting until their W-2s are returned as undeliverable.

Prepare for your health care form filing. Forms 1095 are required for all employees and their dependents that have health care insurance. If your health care provider covers this task, great. If not, spend a few minutes with your health care provider to ensure these reports are ready to be filed at the end of the year.

Create a full vendor list. Review all your supplier records and create a master list you can use to fill out and submit their Forms 1099. Remember to review all suppliers, including contractors, service providers (such as law firms) and any firms that owe you interest.

Request missing information now. If you are missing any vendor information, get it now. This may include a TIN or SSN for a contractor. Use Form W-9 for this purpose. Lack of information is not a valid excuse to avoid the fines for late filing.

Do not forget the rules. In recent years, the IRS has instituted fairly rigorous penalties for late filing of information tax returns. The penalties start at $50 per late return. The penalty is at least $530 per information return with no maximum penalty for intentional disregard of the filing or correct information requirements. So be sure you know who requires a form and the due date for filing the form. For most Forms 1099-MISC the due date is on or before January 31, 2018.

Seek help … early. The risk of getting this wrong is highly punitive. Laciak>cpa is here to help! Call us today to find out how we can help ensure your annual filings can be done on time and with minimal hassle.

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