We’ve put together a list of frequently-asked questions about year-end considerations for production accountants and administrators.
Click the arrow next to any of the questions below to see the answer.
What’s an Employer of Record (EOR)?
An Employer of Record (EOR) is a company that takes on some of the legal and administrative responsibilities of employing workers of another company. As your EOR, Wrapbook manages the following:
Tax and insurance liability for employees
Reporting wages and filing necessary documents with the IRS and state tax entities
Payroll processing, including tax withholdings and payments
Providing withholdings calculators to help companies comply with employment laws and regulations
Onboarding of employees, including necessary documentation
Providing workers’ compensation coverage
When information about your EOR is need, you can use the following information:
Wrapbook official company name: TakeOne Network Corp
Wrapbook EIN: 82-4462453
Wrapbook CA ESIN: 101-6086 9
Where can I get copies of my company’s W-3 or 941 form?
Wrapbook is unable to provide any federal or state wage reporting forms, like form W-3 or 941, to your company due to our function as the Employer of Record (EOR) for payments made to employees and loan-outs using the Wrapbook platform.
A responsibility of Wrapbook as the EOR is to report all employee and loan-out wages to the IRS and state tax entities as paid from the Employer Identification Number (EIN) of TakeOne Network Corp.
Wrapbook does not report wages paid to employees as wages payable from a production company’s EIN. Platform fees paid by a production company compensate Wrapbook to accept the tax and reporting liability for such payments.
Be aware that anything processed or paid outside of Wrapbook is the production company’s responsibility to file with the relevant tax agencies directly, as Wrapbook did not function as the EOR for those payments.
If you have any open registered tax accounts in any state, it is your responsibility to either close those accounts or maintain with regular filings, even if those filings report $0 in wages paid from your company’s EIN, as Wrapbook will not file returns outside of the EOR relationship.
Where can I find copies of the 1099s my company issued to contractors?
Although Wrapbook is not the EOR for any contractor payments made by your production company in 2024, Wrapbook still generates and files the 1099s for those contractor payments if they earned over $600 in 2024.
You can access any contractor 1099s your company may require by logging into your company’s Wrapbook account and doing the following:
From the left-side navigation, click the dropdown menu
In the dropdown menu, select All projects
In the left side navigation, click Reports
On the Reports page, in the Tax Documents section, click View Report
If your company has issued any 1099s, you’ll see a Vendor 1099s button on the Tax Documents page. Click the button and select the form that you’d like to view.
How do I make sure end-of-year bonuses for workers are properly processed?
The deadline to fund payroll with a 2024 date is December 26th.
For payrolls funded by ACH, please issue payroll at least 2 business days in advance to ensure the funds arrive by the deadline.
What’s Wrapbook’s deadline for updating company/project information used for tax reporting?
In order for Wrapbook to include information on end-of-year tax forms, it must be added or updated in your company’s Wrapbook account by December 26, 2024.