Tax Reporting
Prepare for tax reporting by ensuring accurate payroll data and compliance with regulations.
Overview
This article shares information about the importance of tax reporting.
What is Tax Reporting?
Tax reporting involves the process of preparing and providing information about income, deductions, and other financial details to tax authorities. The timing of tax reporting varies by federal, state, and local requirements, but generally speaking, employers should prepare for tax reporting prior to each quarter end.
This includes:
- General Reports: Preparing various reports that summarize payroll activities such as wages paid, taxes withheld, and other payroll related expenses.
- Information Sharing: Providing employees with necessary documents like W-2s or 1099s that detail their earnings and taxes withheld for the year.
- Compliance: Ensuring all payroll information is accurate and compliant with federal, state, and local tax laws.
- Record Keeping: Maintaining detailed records of all payroll transactions, which are necessary for audits and future reference.
What can partners and employers do to prepare?
Partners
Partners can empower their employers with reminders of important dates and calls to action to review tax reporting data prior to each quarter end.
Employers
Prior to each quarter end, and prior to year end, employers should considering the following actions to ensure accurate tax reporting:
- Payroll Reports: Reviewing the Payroll Journal or Payroll Summary reports with specific date ranges to ensure accuracy is a great step for employers to ensure data accuracy.
- Detailed Documentation: Keep accurate records of all payroll transactions, including wages paid, taxes withheld, benefits, and deductions.
- Employee Information: Ensure that employee information, such as Social Security numbers and addresses, is up-to-date and correct.
- Empower Employees to Review Profile Data: Communicate with employees about the importance of providing accurate information and keeping their personal data up to date.
- Support: Provide resources and support for employees to review their pay stubs and W-2s for accuracy.
FAQs
Will Check take care of tax reporting for my employers?
As long as Check has complete data such as ID information and the required Authorizations to file and remit taxes on your employer's behalf, then Check will handle tax filing. However, we do recommend partners empower their employers to review tax data to ensure accuracy.
Check out Check's Check's Unsupported Features and Taxes and Tax forms Filed by Check to review any specific taxes.
Recording
Last updated on June 30, 2024