Year-End Reporting

At the end of the year Payroll Masters will provide a checklist to prompt you for the information we need to prepare your year-end package, including W-2 forms. This checklist will prompt you to report to us any fringe benefits such as Group Term Life, HSA employer contributions, auto allowance, health insurance premiums, etc. It is important that you provide us with any adjustments or changes before December 31st or your packet may be processed without the necessary information. Any changes on your part after we have produced your year-end reports and W-2s will result in a delay and additional charges.

W2 Reporting

At the end of the year, employers must prepare and file Form W-2, Wage and Tax Statement to report wages, tips and other compensation paid to an employee. Payroll Masters can prepare and file your employees’ W2’s for you as part of our Full Tax Service.

1099 Summary Report (1096 Transmittal Form)

If you hire an independent contractor (non-employee), you must notify the IRS and the independent contractor the amounts paid for his or her services.For your convenience Payroll Masters can prepare your 1099’s and 1096 transmittal form (1099 summary report).