What’s New for 2024

As we prepare for the 2024 tax filing season, Wingspan is introducing several updates designed to enhance contractor management and streamline the tax filing process. Here’s a detailed look at the changes:

1. Shift from Tax Profiles to Contractor Profiles

To better separate contractor onboarding from tax filing, we’ve moved several actions previously tied to tax profiles directly to contractor profiles. This change allows for more streamlined management of contractor information.

• Examples of Changes:
  • Updates to payer-provided tax information are now handled on the contractor profile.
  • Invitations to contractors to join Wingspan can be sent directly from their contractor profile.

These updates improve the contractor experience and simplify the payer’s ability to manage and verify contractor details.

2. New Support for T4A Filing for Canadian Contractors

Wingspan now supports basic T4A filing for Canadian contractors. This feature will be available starting February 1, 2025. Key aspects include:

• Filing Scope:
  • Only Box 048 (Fees for Services) is supported.
  • Reporting for payments exceeding CAD 500.
• CRA Filing: Includes download of XML data file for easy electronic submission to the CRA for compliant reporting.

3. Enhanced Security for Contractors Without Tax Information

Contractors who do not provide tax information via Wingspan will only receive their 1099 forms by mail. This ensures sensitive information remains secure and reduces errors stemming from inaccurate payer data.

4. Improved User Control and Preferences

Contractors now have greater flexibility in managing their information and preferences:

• Email and Delivery Preferences:
  • Contractors can update their email address and choose between mailed or electronic delivery methods, even after confirming their tax details.
• Tax Information Update Flow:
  • Contractors can now update their tax information through a guided, user-friendly process.
  • Specific handling ensures changes like name or tax ID updates are verified and appropriately flagged for review.

5. Complete Pre-Filing Lifecycle for Payers

To give payers more control and visibility into tax preparation, Wingspan now supports a complete pre-filing lifecycle:

• 1099 Filing Dashboard Enhancements:
  • Improved tools for filtering and reviewing contractor tax information based on payment thresholds, tax ID verification status, and geographic location.
  • Support for managing rolled-up contractor data across organizational accounts, ensuring comprehensive oversight.