Each year-end, companies have to consider various employee benefits that must be reported on employee W-2s. Payroll service providers typically have the majority of the information needed, but there are a few items that the company must provide separately to ensure it is captured. These items include the value of personal use of a company automobile, the cost of health insurance for owners of S corporations (own 2% or more), and, the value of life insurance benefits exceeding $50,000.
Time is running out, so if any of these 2019 W-2 adjustments are needed, contact your payroll service provider asap. Often payroll service providers will begin the year-end reporting process with the final payroll for the year. If they are unaware of these additional items to be reported, corrected filings will be required.
Contact JPS if you have any questions regarding these or any other filing items.