Final answer:
For year-end payroll and contractor reports, the necessary forms are Form W-2 for employees and Form 1099 for contractors. Traditional written tax forms, not alternative media like slide decks or videos, are required for official IRS reporting.
Step-by-step explanation:
To prepare for year-end payroll and contractor reports, the two key forms you will need are the Form W-2 and the Form 1099. The Form W-2 is used to report wages, tips, and other compensation paid to an employee, along with the employee's tax withholdings throughout the year. For independent contractors, the Form 1099, particularly Form 1099-MISC or the newer 1099-NEC for nonemployee compensation, is used to report payments made during the business transaction. Both forms are crucial for complying with IRS regulations and ensuring accurate and timely tax filings.
Regarding the format, a traditional written document is typically required for these reports. Although technology provides alternative mediums, such as slide decks or video presentations, when preparing for official purposes such as taxes and payroll reporting, it is essential to provide the information on the specified IRS forms.
Tax Forms, like the 1040EZ mentioned in the reference, are an important aspect of fiscal policy. They represent a statement of financial responsibility for households and firms, and for the government, they are tools that impact the economy.