The live Webcast, entitled, "Correcting Those W-2's and 1099's," featured panelists from the Internal Revenue Service (IRS), the Social Security Administration (SSA), and the professional payroll community. 

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. 

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. Additionally, W-2 C Forms are accessible on the American Payroll Association's Web site and 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. In this instance, the employer must simply re-mail the form to the 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.      
 
The Tax Talk Today series airs on the second Tuesday of every month, except April, at www.TaxTalkToday.TV.  Programs are archived on the site for one year after each episode. 

To add your voice to Letters to the Editor, write editor@smartpros.com. All letters become the property of SmartPros and may be edited for space, clarity, relevance and fairness upon publication. Read the most recent Letters to the Editor.