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Frequently Asked Questions in Tax Year 2023

Check back for answers to frequently asked questions this tax season.

Why do you need my business's W-3? I filed my W-2s online and the software said it wasn't required to e-file.


SHORT ANSWER: Because the W-3 contains additional information we need to report to the IRS on your tax return.

A W-3, also called the Transmittal of Wage and Tax Statements form, is a summary of all the W-2 forms your business generates each year, and you must file it with the Social Security Administration. It contains information we need to prepare your business's tax return, if you pay wages to yourself or any other employees.

Many online payroll services file this invisibly and don't automatically generate a copy for your files. But your W-3 is a required part of your business's tax data package for a few reasons:

  • The IRS asks us to report the number of W-2s a company files, as a security check to match tax filings with payroll reporting. Your W-3 provides this information.
  • It may also list payroll items, like tips, that generate tax credits and are not found elsewhere in your books.
  • Your W-3 lets us see how your business may be changing -- for example, if you're increasing the number of staff on payroll, or reducing your team.
  • We need your W-3 even if you are the sole employee of your business.

Here's how to get a PDF of your W-3 from common platforms:

  • From, click on the plus sign at the top right of the home page, then choose "Generate Summary (1096/ACA/W-3)." Watch video explainer.
  • From QuickBooks Payroll - Read this and select your payroll service product for instructions.



What if my bank does not give me a 1099-INT for interest?


SHORT ANSWER: Find your 1099-INT online or find the total interest paid to you for the year on your bank statement and report that income to us -- even if less than $10!

A Form 1099-INT reports interest income, and is most often issued to you as a stand-alone form from a bank or credit union. While these forms once arrived in the mail, many financial institutions are now providing them only electronically, and you must download them from inside your online account.

The 1099-INT reporting threshold is $10 of interest income (per the IRS), but the IRS wants to know about ALL your income -- even if it's under $10.

Here's how to find and report your interest income to The Business Guides:

  • Log into your financial institution's online account and look for "Tax Forms." You likely received an email alert that your 1099 was ready. Upload your tax forms to SmartVault.
  • Find the total interest paid for 2023 on your year-end bank statement (this can also be found online). You may upload the statement with your tax data.
  • You may report interest income amounts with no accompanying 1099-INT in the Income section of our Individual Questionnaire (updated 2/7/24).
  • If you've already submitted the Questionnaire, email us with the interest amount and bank name or payor name.
  • If you no longer bank with an institution, let us know so we can update our tax software.

IMPORTANT NOTE: If you earned interest in a tax-sheltered account like a Health Savings Account (HSA), retirement account (IRA, 401k, etc.), or a CD that has not yet matured, that income is not taxable now and need not be reported.



How shall I direct my communications with your team this tax season to streamline things as much as possible?


SHORT ANSWER: Email is best, not phone. 

We love this question! For fastest response – especially February through April, our busiest time of the year – we say: Email is best, not phone. Put your new question or request IN WRITING. Provide pertinent details, note the timeliness and any looming deadlines, and send to info@ -- this goes to the front desk and is triaged to the most available member of our team.

You may think you can explain your question best in a long voice message, but it will have to be transcribed into an email to be sent to our team, and some nuance will inevitably be lost in translation. Your writing it down will also create a helpful email chain for reference.