Tax and Legal Update — Year End: Preparing W-2s and forms 1099 the right way: How to avoid penalties
The IRS reports that 98 percent of nonprofit organizations underreport taxable income on forms W-2. In this session, Frank Sommerville, JD, CPA, will assist your organization to be in the 2 percent that are filed correctly. You will learn how to properly prepare W-2s for ministers and staff and avoid the dreaded penalties associated with incorrect W-2s. We will also discuss the proper preparation of 1099s, including who should receive them and how do you compute the proper amount reported on the 1099s. Penalties doubled in 2011. You will learn how to avoid penalties associated with W-2s and 1099s that are not timely issued or not correctly reporting the right amounts.
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7701 Las Colinas Blvd., Ste. 800, Irving, TX 75063