'Tax Talk Today' Webcast Prepared Tax Pros to Correct W-2s, 1099s; Webcast Eased Correction Process for Payroll Professionals

3/13/2002

From: Kate Cosgrove for 'Tax Talk Today,' 202-789-2424 or 800-872-5001; e-mail: kcosgrove@akercom.com

WASHINGTON, March 13 -- In an information-rich one-hour Webcast today, "Tax Talk Today" sought to prepare payroll practitioners, CPAs and enrolled agents for the tedious process of correcting errors in W-2s and 1099s. Focusing on the frequent types of errors that tax professionals may be called upon to correct, show panelists outlined the necessary procedures for making appropriate corrections.

The live Webcast, entitled, "Correcting Those W-2s and 1099s," featured panelists from the Internal Revenue Service (IRS), the Social Security Administration (SSA), and the professional payroll community. Individuals who were unable to view the live Webcast at 2 p.m. ET today, will be able to view the archived version at http://www.TaxTalkToday.TV/, to receive instructions on making the various types of corrections.

According to program panelist Joan M. Mason, research specialist, Customer Service Section, IRS, a common mistake on both the 1099 Form and the W-2 Form, which must be corrected, is the misreporting of a taxpayer number. Another common mistake that must be addressed occurs when an employer withholds a check from an employee, thereby causing a reporting overstatement. Panelists reviewed in detail the processes for correcting each type of mistake.

Panelist Scott Mezistrano, CPP, manager of government relations, American Payroll Association, imparted crucial timesaving tips to tax professionals involved in the correction process. For instance, Mezistrano emphasized that when correcting a W-2, individuals need not complete the entire W-2 C, just the fields applying to the mistake. An additional timesaving tip imparted during the program, is to access W-2 C Forms on the American Payroll Association's Web site, a form that can be printed in PDF form. Terri Ferguson, a panelist and supervisory contact representative, Customer Service, IRS, reiterated the importance of calling the IRS's 800 number, and speaking with a specialist when particularly perplexing questions arise.

A dubious correction situation addressed during the program is the payroll professional's duty when the wrong address is printed on a form. Viewers learned today that in this instance, the employer must simply re-mail the form to his employee -- an official correction is not needed. In the case that an employee never cashes a paycheck, a correction is unnecessary as well. Noting that a new W-2 C Form was introduced this year, Mezistrano informed viewers that they do not need to resubmit the new correction form if they had already submitted the old form.

Les Witmer, APR, a 23-year veteran of the Internal Revenue Service, where he served as acting director of the Wage and Investment Division, served as moderator for the program. In addition to Mason, Mezistrano, and Ferguson, March program panelists included Rosemarie Fraumeni, CPP, US Operations Payroll Manager, Getronics; and Mark Ruley, senior financial management analyst, Social Security Administration.

"Tax Talk Today" is produced by L&M Production Design Group, a presentation media company based in Alexandria, Va. The series airs on the second Tuesday of every month, except April, at http://www.TaxTalkToday.TV/. Programs are archived on the site for one year after each episode. Participants are eligible to receive CPE credits and CEU's (for payroll professionals) by viewing "Tax Talk Today," and should visit the Web site for details. The next episode of "Tax Talk Today," "Understanding the Taxpayer Advocate Service," airs May 14, 2002 from 2-3 p.m. ET. For additional information, contact Paul Lamonia at 703-642-6505 or lamonia@LMpdg.com or visit http://www.TaxTalkToday.TV/.