If you paid any individual or contractor under those two headings, you will want to review the new State requirements for electronic filing.
We knew the changes were coming so hopefully you are not being caught off-guard. Even if you are, the new rules are not complex, and seemingly basic in order to be in compliant.
- Businesses with 1 or more W-2s containing Iowa tax withholding are REQUIRED to electronically file W-2 Wage Statements for all Iowa employees for tax year 2018 by January 31, 2019 to the State of Iowa.
- Businesses with 1 or more 1099s containing IOWA TAX WITHHOLDING are REQUIRED to electronically file 1099 Information Returns for tax year 2018 by January 31, 2019 to the State of Iowa.
- You will not be able to manually input the information and you will not be able to paper file these returns. You must use an Iowa Department of Revenue approved software vendor. If you use an outside payroll company to e-file your Federal W-2s, please check with them to make sure they are aware of this requirement to also e-file your State copy.
Most likely you are using a payroll software or provider that is ready for this new requirement, but it would be best to confirm now rather than later. The software provider and/or your payroll provider phone lines will be very busy the 2nd half of this month, so if you have questions, I recommend you contact them this week.
You could also reach out to your CPA or Bookkeeper for assistance if your current procedures do not fall within this requirement. They will be able to assist, and most have a small fee that is well worth the service offered.
If your unsure if your Company is staying up-to-date on rules and regulations set by the IRS and State, consult with a Bookkeeper. An expert in this industry will take the bookkeeping off your plate, allowing you to do what you got into business to do, whether that was to provide a service or sell a product. You’re an expert in your industry; surround yourself with experts that will support your goals and walk on the path with you to continued success.
I want to thank you for tuning into my blog each month. If there is a topic you would like to see me blog about, or you have bookkeeping or QuickBooks, questions, please contact me. I’d love to hear from you.
Happy New Year!
A little more about us:
We guide, assist and manage your bookkeeping operations, customizing our service to fit within your needs, budget and timeframe.
Providing daily, weekly, monthly or occasional BOOKKEEPING SERVICES. We assist to the degree that meets your needs and your budget. We provide you with a clear picture of your finances.
- Handling A/P and A/R entries, monthly financial reports, yearly audit assistance, state banking regulation audits, payroll processing, sales tax filing, and developing and implementing work-flow systems to ensure documentation requirements are accurate and complete.
- Creating the foundation for a cost-effective accounting system for NEW BUSINESSES, and those working to get more established, then providing customized, agreed-upon bookkeeping services contracting with clients for a clear understanding of the services to be provided.
- SCRUTINIZING existing financials to determine more timely, accurate and EFFICIENT bookkeeping options.
- Training of bookkeeping personnel in QUICKBOOKS as a Certified ProAdvisor.
Examining financials to provide DECISION-MAKING INFORMATION regarding financial department personnel needs, resources and timing for product and service expansion, financial strategies for real estate or asset purchases, etc.
MANAGING your books in a way that allows YOU to do what YOU DO BEST, sell your product or provide your services, while staying as involved in the bookkeeping as needed for proper management of your financials.
CONSULTING on-call for client financial questions.
OrganizerForU offers a 20- to 30-minute complementary phone consultation. We value your time and we know that time efficiency is cost effective. During our call, we listen as you describe the current financial situation of your business, asking the right questions to determine how our services can meet your needs. We take time to briefly explain how our services are provided, to ensure we are a good fit for your needs and situation.