As 2017 draws to a close, HR outsourcers like Professional Employer Organizations (PEOs) and Administrative Service Organizations (ASOs) are likely scrambling to close out the year. On top of the holiday excitement and employees taking vacation, HROs must complete their W-2s and 1099s by the January 31st deadline. With the right amount of preparation, you can avoid getting overwhelmed from initializing, creating, and printing your
W-2s and 1099s. Read on for an overview and video walkthrough on preparing for year-end from start to finish.

Getting Ready

The PrismHR platform makes it easy to accurately and efficiently service your clients while remaining compliant with all local, state, and federal regulations. SBEA and other updates are consistently made to the system to ensure IRS, state and local regulations are met. Once you determine the number and type of forms needed, you can easily review and confirm your pay codes and deduction codes.

Collecting Your Information

With PrismHR Benefits Administration, your benefits information is automatically drawn into your W-2s. You can also manually enter or import remaining information, as well as use special options and modify each of your forms. There are a number of reports in PrismHR that can be used to verify W-2 information including federal income tax (FIT) taxable income and tax withheld.

Reviewing and Printing

Several reports can be used for review to confirm that your details match, while other reports can help determine why any differences may be occurring and how to fix them. Once you’re ready to print, your W-2 print menu includes options for limiting printing by type, company category, ZIP code, and a number of other options.

In addition to W-2s, PrismHR also supports creation of 1099s. For a deeper dive into the process of preparing, creating, reviewing and printing your year-end forms, view the PrismHR Best Practices for Year-End Webinar below. Melissa Remillard, Application Support Analyst for Tier 1 Customer Support, shares a walkthrough for year-end processing in 2017. 

For more year-end information, view the ACA video about 1095-C Creation, including factors leading to
1095-C creation, a brief review of calculations, and situations to avoid.

Subscribe to the PrismHR blog to receive alerts on future product announcements, best practices and industry news.