If for some reason your employee does not consent to online delivery, or if they do not have an email address, you can print the W-2 and give or mail it to them.
Gusto files the required federal, state and local copies of W-2 forms to the appropriate tax agencies, so you don’t need to order special paper stock in order to print and mail copies of W-2s — you can just print them on regular paper for those employees who may need it.
To recap, there are three methods to issuing your employees their W-2 forms —
Method 1: Enable your employees online access to their Gusto accounts so that they can obtain their W-2 forms electronically.
Method 2: Download individual W-2s, and distribute them to specific employees.
Method 3: Print the entire W-2 PDF bundle, and distribute them to all employees.
As you probably know if you are a regular reader of my blog, I am a big fan of Gusto. They have made many improvements over the past few years, and at this point they really blow away the competition, especially with their QuickBooks Online integration. (I am not being paid to say any of this — I am simply a big fan, having spent way too many years dealing with payroll company frustrations.)
And if you are a client of mine, but aren’t using Gusto payroll yet and would like to — just let me know, or sign up here! You will receive a 15% discount, since I do not accept revenue shares.
For those of you who are not clients of mine, but are interested in using Gusto for payroll, sign up here!
And for colleagues who are interested in offering Gusto as an option to your own bookkeeping and accounting clients, let me know and I’ll introduce you to my rep, Annie Arthur — who is seriously the best.
The Internal Revenue Service announced this week that the official opening day of the 2020 tax season for individuals will be Jan. 27, which is when the IRS starts to accept and process 2019 federal tax returns. You have until April 15 to file your return and pay your tax bill.
This year, taxpayers with adjusted gross incomes of $69,000 or less can use free commercial software by going to IRS.gov/freefile. Free File will open by the afternoon of Jan. 10, although taxpayers won’t actually be able to file their returns until the start of the tax season, Smith said.
I’m getting an awful lot of questions from clients about this, as well as being frustrated with it myself. So I thought now would be a good time to remind you of an old blog post (I’ve also just added this link to my Links page in the Resources section of our website so you don’t have to search the Blog for “Is QuickBooks Down” anymore).
I took a webinar a couple of months ago through NSAC by this same presenter, Steve Dawson of Dawson Forensics. I found his style to be approachable and friendly, and the information useful and applicable to all small businesses, not just cooperatives. He even kindly took the time to speak with me afterwards when I emailed to ask for some follow-up information, and offered his time gratis to a client with a time-sensitive question. Clearly he is passionate about helping others in the field.
This upcoming 1-hour webinar (which I will also be attending) seems like something that would be useful for any small business that has grown enough that it has a need for internal controls, but does not know which ones or how to implement them — as well as for accounting and bookkeeping professionals who would like to assist their small business clients in this area. I am eager to hear actual case examples as illustrations of what went wrong and what could have been done to prevent the issues in the first place.
This session focuses on the most common types of internal fraud occurring in Cooperatives. Actual case occurrences serve as the backdrop for presenting what went wrong, the lack of or failure of internal controls, and what can be implemented now to alleviate these types of occurrences in the future.
The new federal tax law, which went into effect for 2018 tax returns filed in 2019, is so ridiculously difficult and complex, that our old friend the W-4 form — which is used to help W-2 employees calculate the amount of taxes that should be withheld from each paycheck — is now a giant monster that overwhelms even those of us with countless hours of continuing education on the tax code.
That said, even in their blog they recommend using the IRS Tax Withholding Estimator instead, because the W-4 is so arduous at this point. We’ve gone from a half-page easy-peasy form that anyone can follow, to a monster — but if you want your taxes withheld properly, you’ve simply got to do one or the other (the new W-4 or the online withholding estimator).
In any case, thanks for making this a little easier on folks, Gusto! You explained it better than I’ve been doing, anyway.
Each month the City of Chicago offers twice-weekly (Wed & Fri) FREE business education workshops presented by experts in private practice as well as representatives from various city departments. There are quite a few good ones this month — see the list below — and they’re all offered at City Hall (right downtown and near public transit). To register for any of them, email BACPoutreach@cityofchicago.org or call 312.744.2086.
City Inspections – Ask Questions, Get Answers
Wed, January 8, 3:00 PM – 4:30 PM
City Hall, 121 N. LaSalle St. – 8th Floor, Room 805
Presented by the City of Chicago
To operate a successful business in Chicago you need to know what it takes to maintain compliance. Officials from several City departments will provide insight on how to operate safely, stay compliant, help prepare for inspections and highlight the do’s and don’ts of operating a business.
Business Licensing 101
Fri, January 10, 9:30 AM – 11:00 AM
City Hall, 121 N. LaSalle St. – 11th Floor, Room 1103
Presented by the City of Chicago Departmentof Business Affairs and Consumer Protection (BACP)
Attendees will learn the 3 steps to obtain a business license and access free business resources to start or expand their business.
Accounting in Quickbooks
Wed, January 15, 3:00 PM – 4:30 PM
City Hall, 121 N. LaSalle St – 8th Floor, Room 805
Presented by Trak Patel, ARCC Consulting
Learn how to keep your financial record-keeping books using QuickBooks. We will identify the differences between QuickBooks Online vs. QuickBooks Desktop and list the important features and benefits.
Credit and Your Business
Fri, January 17, 9:30 AM – 11:00 AM
City Hall, 121 N. LaSalle Street – 11th Floor, Room 1103
Presented by AnnetteVega, CIBC Bank
This workshop will help the attendees understand the importance of credit,calculating their global cash flow, collateral and capitalization.
How To Really Start Your Own Business
Wed, January 22, 3:00 PM – 4:30 PM
City Hall, 121 N. LaSalle St. – 8th Floor, Room 805
Presented by Score Chicago
Do you have what it takes to start and run a successful business? If so, what first steps should you take? This workshop will help you assess your prospects, give you the initial direction you need, and inspire you to move forward to realize your dream. Workshop topics include myths, business opportunities, assessing your journey, organization, insurance, regulations, funding and cash management, business and marketing plan.
Facebook and Instagram Posts: Take Your Posts to the Next Level
Fri, January 24, 9:30 AM – 11:00 AM
City Hall, 121 N. LaSalle Street – 11th Floor, Room 1103
Presented by Francisco Ramirez, Chimbly Consultants, LLC
Have you been posting for some time, but struggling to reach or engage your audience? Are you confused by how the algorithms decide whether or not to show your posts? Participants of this workshop will examine Facebook and Instagram posts and compare what makes a post rise to the top and what knocks a post off news feeds. Participants will leave with tools to take their posts to the next level.
Resources for Women Entrepreneurs, by Women Entrepreneurs Wed, January 29, 3:00 PM – 4:30 PM City Hall, 121 N. LaSalle St. – 8th Floor, Room 805
Presented by the Women’s Business Development Center (WBDC) and Bossy Chicago
Are you a business owner tired of trying to search through all the resources that might benefit your business growth? There’s a lot of support out there for women-owned businesses, but it can be hard to find the right resources and community for your business. Join Bossy Chicago and the Women’s Business Development Center as they discuss the vast ecosystem of support services for women entrepreneurs. Participants will leave with a plan of action to start and grow their women-owned business.
Also, in case you weren’t aware, BACP offers a Business Start-Up Certificate Program, designed to give business owners the essential elements in starting and growing a business. Attend nine workshops at BACP and learn the essentials of business planning, financing, marketing, legal issues, technology and more. Complete the program workshops within six months and earn your certificate, as well as get free advice on your business plan. You can register for the Business Start-Up Certificate Program at any BACP workshop. Learn about the full set of BACP offerings here.
Happy Holidays! I’ve been meaning to write a comprehensive post about the changes in state sales taxes since the June 2018 Supreme Court “Wayfair” decision — which as many of you know, overruled the physical presence rule.
“While having a physical presence in a state still establishes a sales tax collection obligation, physical presence is no longer requisite.” As a result, states won the right to tax remote sales.
In the year and a half since the decision, 43 of the 45 states with a general sales tax (plus Washington, D.C.) have adopted economic nexus: They now require sellers with no physical presence but a certain amount of sales and/or transactions in the state to register with the tax department and collect and remit sales tax.
In the spirit of the holidays, Accounting Web reports that the City of North Pole, Alaska, is considering joining a local municipal league to tax online sales.
The Alaska Intergovernmental Remote Seller Sales Tax Agreement will “implement single-level, statewide administration of remote sales tax collection and remittance.” It will be overseen by the newly formed Alaska Remote Seller Sales Tax Commission.
During the December 2, 2019, North Pole City Council meeting, North Pole Mayor Mike Welch said “an online sales tax is something we have to do.”
Sorry for the extra administrative burden, Santa! If it’s anything like Illinois sales taxes, my guess is that it’s tougher than squeezing down a chimney — but seeing as you’ve mastered that challenge, I bet you’re up to this as well. Just make sure to consult with a small business tax professional first.
For CPAs and other Tax Professionals: please join CPA Practice Advisor on Thursday December 12, from 9 am to 7 pm EST, at www.ensuringsuccess.com — its annual free live-streaming conference — to earn up to 10 hours of continuing professional education at no cost.
This free online conference is recognized by the AICPA, and NASBA for CPE credit, and certain sessions also qualify for IRS CE credit. The first session starts at 9 am EST, with sessions starting each hour, on the hour, until 7 pm.
Check out the full session list here — https://www.ensuringsuccess.com/2019-sessions — there are courses on marketing, payroll, sales taxes, tax planning, HR, tech advisory, auditing, accounting trends, financial planning and more.
CPA Practice Advisor has released their annual estimated timeline for when a taxpayer is likely to receive their refund based on when they file, based on what we currently know about the upcoming tax season and projections based on prior years. They point out that the TCJA tax reform is still affecting many Americans’ ability to file timely, that Congress often delays tax season by issuing last-minute tax laws in December, and the IRS is also delaying refunds on tax returns that include the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC). Barring any of these issues, here’s what they’re predicting.
IRS Accepts Between These Dates===>Direct Deposit Sent (Or Check Mailed)
1/20/19 – 1/24/19 — > Friday 1/31/20 *
1/27/19 – 1/31/19 — > Friday 2/7/20
2/3/19 – 2/7/19 — > Friday 2/14/20 **
2/10/19 – 2/14/19 — > Friday 2/21/20 **
2/17/19 – 2/21/19 — > Friday 2/28/20
2/24/19 – 2/28/19 — > Friday 3/6/20
3/2/19 – 3/6/19 — > Friday 3/20/20 ***
3/9/19 – 3/13/19 — > Friday 3/27/20
3/16/19 – 3/20/19 — > Friday 4/3/20
3/23/19 – 3/27/19 — > Friday 4/10/20
* = IRS may delay tax filing season by one week or more due to changes in tax law.
** = Returns with EITC or CTC may have refunds delayed until late February to verify credits.
*** = Filing during peak season can result in slightly longer waits.
3/29/19 – 4/3/19 — > Friday 4/17/20
4/6/19 – 4/10/19 — > Friday 4/24/20
4/13/19 – 4/12/19 — > Friday 5/1/20
4/20/19 – 4/24/19 — > Friday 5/8/20
4/27/19 – 5/1/19 — > Friday 5/15/20
5/4/19 – 5/8/19 — > Friday 5/22/20
5/11/19 – 5/15/19 — > Friday 5/29/20
5/18/19 – 5/22/19 — > Friday 6/5/20
5/25/19 – 5/29/19 — > Friday 6/12/20
6/1/19 – 6/5/19 Friday 6/19/20
IMPORTANT: If you file electronically (using an online tax program or preparer), the IRS will notify you of the actual date they “accepted” your return. This is often 1-3 days from the time you actually hit the “file” button, and it is this date that you need to use for the above chart.
Taxpayers who mail a paper version their income tax return can expect at least a 3-4 week delay at the front-end of the process, as the return has to be digitized before it can be processed.
Each month the City of Chicago offers twice-weekly (Wed & Fri) FREE business education workshops presented by experts in private practice as well as representatives from various city departments. There are quite a few good ones this month — see the list below — and they’re all offered at City Hall (right downtown and near public transit). To register for any of them, email BACPoutreach@cityofchicago.org or call 312.744.2086.
City Inspections – Ask Questions, Get Answers Wed, December 4, 3:00 PM – 4:30 PM City Hall, 121 N. LaSalle St. – 8th Floor, Room 805 Presented by the City of Chicago To operate a successful business in Chicago you need to know what it takes to maintain compliance. Officials from several City departments will provide insight on how to operate safely, stay compliant, help prepare for inspections and highlight the do’s and don’ts of operating a business.
Starting a Business In Illinois
Fri, December 6, 9:30 AM – 11:00 AM
City Hall, 121 N. LaSalle Street – 11th Floor, Room 1103
Presented by LemaKhorshid, Fuksa Khorshid, LLC
Running a small business takes a lot of work. Often, a handful of employees fill a variety of roles, meaning that everyone has to bring serious hard work, dedication, self-motivation, and multitasking skills to the table. Amid all this, it can be easy to forget about the legal aspects of running a business. However, attending to these matters sooner rather than later is likely to save you time, stress, and expense in the long run. Join us in this workshop to learn our top 10 legal tips for small business success.
Level Up
Wed, December 11, 3:00 PM – 4:30 PM
City Hall, 121 N. LaSalle St – 11th Floor, Room 1103
Moderated by Kenya Merritt, Chicago Chief Small Business Officer
In this workshop, our panelists will share tips on how to take your business to the next level. Our presenters will share their personal experience and offer advice on how to properly scale and grow your business.
Construction Project Management
Fri, December 13, 9:30 AM – 11:00 AM
City Hall, 121 N. LaSalle Street – 11th Floor, Room 1103
Presented by City of Chicago Department of Business Affairs & Consumer Protection (BACP) and the Department of Planning and Development (DPD) – NOF Working with design and construction pros to make your business dream a reality takes smart planning and organization. Learn the best practices for establishing your schedule and budget, hiring the right professionals and dealing with unforeseen challenges to ensure your project is completed on-time and on-budget.
A Legal Update on Policies and Procedures in the Employment Law Landscape Wed, December 18, 3:00 PM – 4:30 PM City Hall, 121 N. LaSalle St. – 8th Floor, Room 805
Presented by Charles Krugel, a Management Side Labor, Employment and Human Resource Attorney A roundtable discussion of all of the changes that have gone into effect this year, and that will probably be in effect next year, including the minimum wage, paid time off,fair work week, overtime wage exemptions, asking job candidates about salary/wage history & sexual harassment training.
Everything You Need To Know About Business Insurance
Fri, December 20, 9:30 AM – 11:00 AM
City Hall, 121 N. LaSalle Street – 11th Floor, Room 1103
Presented by Sandra Cavoto Insurance Agency
In this session, attendees will learn the coverages needed for their business.We’ll discuss the right questions to ask your insurance professional and how to protect yourself and your business against lawsuits.
Also, in case you weren’t aware, BACP offers a Business Start-Up Certificate Program, designed to give business owners the essential elements in starting and growing a business. Attend nine workshops at BACP and learn the essentials of business planning, financing, marketing, legal issues, technology and more. Complete the program workshops within six months and earn your certificate, as well as get free advice on your business plan. You can register for the Business Start-Up Certificate Program at any BACP workshop. Learn about the full set of BACP offerings here.
