Tax Statements

Effective Date:

February 24, 2016

Function:

Payment Taxation Compliance

Contact:

Ned Gellner

Basis for Procedure

The Research Foundation (RF) is required to report payments of wages and miscellaneous income to employees and other people who have a relationship with the RF. The RF is also required to report this information to the Internal Revenue Service (IRS), Social Security Administration (SSA), and state and local governments.

The RF is required to distribute or mail W-2s, 1099-MISC, and 1042-S tax statements to employees and nonemployees:

Procedure Summary

At the beginning of each year, RF Central Office creates and distributes tax statements for the previous year. Once these statements are created and distributed, the calendar year is closed and any subsequent corrected or reissued tax statements must be created manually.

Undeliverable Tax Statements

Undeliverable tax statements that have been returned to RF Central Office will be kept on hand at the Corporate Payroll Office to prove that the statement was mailed to the employee for 3 years.

Corrected Tax Statements

All corrections to tax statements, as well as the creation of statements that were never produced, are made in the Corporate Payroll Office at Central Office. For more information on when a correction is necessary and the procedure involved in correcting a tax statement, refer to these documents:

Procedure Steps

Tax Type-1099-MISC or 1042-S

The following table describes how operating locations should request a copy of a 1099-MISC or 1042-S tax statement from the Central Office Payroll Unit.

Step

Role or Responsibility

References or Tips

Submit a Request for Copy of Tax Statement form to the RF corporate payroll office.

Employee

Retain a copy of the request

Review the Request for Copy of Tax Statement, ensuring that information is correct, the request is valid, signed and dated.

Operating Location

Ensure that the person's name, TIN, the type of tax statement requested, and the tax year the statement was originally issued from central office.

Forward the reviewed Request for Copy of Tax Statement to the Central Office Payroll Unit by e-mailing payroll@rfsuny.org.

Operating Location

 

Prepare a copy of a 1099-MISC or 1042-S tax statement and mail the copy to the personindicated in the "Mail To" address on the Request for Copy of Tax Statement" form.

Tax Compliance Manager

Information in a copy of a tax statement does not have to be reported again to the IRS or SSA.

Tax Type-W-2

The following table describes the necessary steps to issue a copy of a W-2 tax statement from the Central Office Payroll Unit.

Step

Role or Responsibility

References or Tips

Submit a Request for Copy of Tax Statement Form to your operating location.

Employee?

Retain a copy of the request

Review the Request for Copy of Tax Statement, ensuring that information is correct, the request is valid, signed and dated.

Operating Location

Ensure that the person's name, TIN, the type of tax statement requested, and the tax year the statement was originally issued from central office.

From the Oracle Navigator select the XXX Payroll Self Service responsibility to open the Employee W-2 Search: People form.

Operating Location

 

From Advanced Search, type the requester's last name (note: this field is case sensitive and must be typed exactly as it appears on the People Form) and select the Go button.

Operating Location

 

Search the requester's name and select the Action icon to open the W-2. (Note: the latest reported tax year will be displayed. If the request is for a prior year, use the Select Organization/Year pull down menu to find the correct year.)

Operating Location

 

Select the Print icon on the toolbar to print the copy of the W-2 for the requester.

Operating Location

Important Reminder: Per IRS W-2 instructions, write or stamp "Reissue Statement" on Copy C for Employee's Records, under the Research Foundation's address (employer's name, address and zip code box).

Mail copy of W-2 tax statement to the person indicated in the "Mail To" address on the "Request for Copy of Tax Statement" form (including the Notice to Employee section).

 

Retain a copy of the tax statement along with the original "Request.

Operating Location

Operating Locations should always refer employees to Employee Self Service to obtain a copy when possible

Record Retention

Every employer subject to employment taxes must keep all related records available for inspection for at least 4 years after the due date for the return period to which the records relate, or the date the taxes are paid, whichever is later.

Definitions

None

Related Information

Tax Statement Corrections to a W-2

Tax Statement Corrections to a 1042-S

Forms

Request for Copy of Tax Statement

Request for Original or Corrected 1099-MISC or 1042-S Tax Statement

Change History

Date

Summary of Change

February 24, 2016

Added option of Employee self-service to obtain a copy of employee w-2.

Removed statement about RF Central Office forwarding w-2's to locations when undeliverable.

February 12, 2008

Revised steps 3 through 5 and added steps 6 and 7 to "Copy of a W-2 Wage and Tax Statement" table.

Removed "W-2 Tax Statement Copies" link from "Forms to Use" section.

January 17, 2006

Updated links for 2006 for Tax Statement Copy form.

July 15, 2005

Various references of "reissued" tax statement changed to "copies" of tax statements to clarify language

Added link to IRS Form 4506, and reference and link to IRS Form 4506-T.

December 20, 2002

Updated to add exceptions relating to 1042-S Foreign Person's U.S. Source Income Subject to Withholding in the Background section and to include information relating to tax deferred 403(b) amounts in the Reissue a W-2 Wage and Tax Statement.

SEptember 26, 2002

Updated link to W-2 Reissue Statements.

April 26, 2002

New document

 

 

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