Tax Prep For Your Business

12.05.22

Year-End Tax Prep

As we begin to wrap up 2022, we want you prepared for tax season and a smooth transition into the new year. That’s why we’ve compiled the tax prep key details in one place. 

W-2s

You and your employees can opt-in to receive W-2s securely and electronically instead of receiving a mailed copy. Follow the steps below to opt in by January 7, 2023.

W-2 INSTRUCTIONS  

Remote employees + taxes

If you have employees who now work remotely but weren’t previously (especially if they’re in another state), please get in touch with your payroll specialist. We’ll need to update their location for tax purposes and avoid W-2 filing errors or paycheck reissuing. 

If you’re really into tax laws, you can read more in this multi-state taxation article from the American Payroll Association. 

Ownership changes

If a change in ownership has occurred, whether it be a percentage of ownership or new personnel entirely, please notify your Nextep payroll specialist by December 19, 2022.

Fringe benefits 

Any fringe benefits, such as personal use of company cars or subsidized meals, are taxable, even though they are not necessarily wages. Please notify your payroll specialist about possible fringe benefits by December 19, 2022.

Stock options

There are many different types of stock options. But a few should be accounted for on your employee’s W-2. Please notify your payroll specialist by December 19, 2022, if you have company stock options that need to be accounted for on the 2022 W-2.

We’re here to help during tax prep and beyond! If you have any additional questions or need clarification, please contact your Nextep payroll specialist.

Nextep does not give tax or legal advice, please get in touch with your tax advisor or legal counsel.

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