Year End PayrollBack to all blogs
For all of our Payroll Clients it is really important that we start looking prepping for our year end closes.
We have prepared the following checklists for the months of October and November, so that we can coordinate the year end close.
For your company, you need to verify with us the following: (If you have moved, have a different mailing or legal address, etc. please let us know ASAP.)
- Tax IDs
- Legal name
- Legal address
- Federal, state, and local (if applicable) tax identification numbers
- State unemployment rates
W-2s will be delivered to the shipping address associated with your account, which may be different from your business's legal address.
To verify your W2 delivery address, please contact Heather Ricketts (see bio info for contact information).
Contractor information, including SSNs and 1099s
Will Candace Ebert & Company be preparing your 1099s for you this year? If you need us to get them done, please make sure to contact Kristin and Miranda, asap. (see bio info for contact information). We will need to be notified that we will be preparing your 1099s by 11/30/2016, if you do not meet this deadline, we cannot guarantee we will be able to send the 1099s out by the due date.
For contractors, double-check:
- SSN or Taxpayer's Identification number (TIN)
- W9 on file?
For the employees we need to check the following items:
We will be sending a form out for each employee to sign, with either, a ‘no change’ box, or a space to fill out
ITEMS WE MAY NOT CURRENTLY HAVE ACCESS TO:
Federal legislation requires the reporting of both taxable and non-taxable sick payments made to employees from a third party. Taxes withheld on those payments must also be reported. Sick pay should be included on either the employees' W2s or on a separate form provided by the third party. If third party sick pay is not reported by the third party, it must be included on your employees' W2s.
If any of your employees received temporary disability payments in 2016 from a third party, such as an insurance company or state agency, the total amount of these payments must be submitted to Candace Ebert & Company no later than 12/15/2016
Most carriers provide third party sick pay statements throughout the year; please use those statements to report the information no later than January 1, 2017.
The Affordable Care Act (ACA) requires certain employers to report health coverage information to their employees and the IRS annually. Please contact your CPA for more information.
What's the purpose?
The IRS will use the information to enforce the ACA's health insurance mandates (for individuals and employers) and to administer premium tax credits.
Who has to report?
Reporting is required for employers with 50 or more full-time and full-time equivalent (FTE) employees. Small employers that have a self-insured health plan will also need to report. If you are connected to another entity through joint or full ownership, as defined under the Internal Revenue Code, you must combine all employees when determining your employee count.
Happy YEAR END CLOSING!