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Our84thYear!THE OFFICIAL MAGAZINE OF LIFESTYLE FELLOWSHIP, NORTON, CONN., U.S.A.VOLUME 84JANUARY, FEBRUARY, MARCH 2024NO. 1The Book Of Proverbs. . . Words Of Wisdom And Inspiration! A New Year is
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A New Year IS (Information Statement) is a document used by employers to report wages, tips, and other compensation to the IRS and employees at the start of the new tax year.
Employers who pay wages, tips, or other compensation to employees are required to file a New Year IS.
To fill out a New Year IS, employers should gather employee wage information, complete the form with accurate figures, and ensure it reflects the total compensation paid during the previous year.
The purpose of a New Year IS is to ensure accurate reporting of employee wages to the IRS and to provide employees with the information they need for their personal tax returns.
The New Year IS must report employee names, Social Security numbers, and total wages paid during the tax year, as well as any taxes withheld.
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