As the new year swiftly approaches, we wanted to provide you with reminders to ensure you, your employees, and your business are ready.
Employee Information Review: Please take time to verify the accuracy of each employee’s name, address, and social security number. The Employee W-2 Verification Report is available for reference; it’s found in the accounting & payroll reports section of your online account. Make any necessary updates online or report them to your Payroll Team by the last Wednesday of the year. Click here for the employee change form.
Fringe Benefits: Fringe Benefits (i.e., Group Term Life, S-Corp Insurance, personal use of company car, etc.) should be reported with or before your final payroll of 2022. All adjustments must be reported by December 28, 2022. Information reported after 12/28/22 will result in additional fees to reopen the 2022 reporting period.
Manual/Void Checks: Please ensure that all manual checks or voided checks for 2022 are reported on or before December 28, 2022. This includes 1099-NEC (Non-employee Compensation) payments to contractors that have not been reported previously.
Bonus Payrolls: Please notify your Payroll Team if you will be processing a year-end bonus payroll. As a reminder, payrolls that generate $100,000 or more in federal tax liability require tax deposits to be made the next business day. Payrolls using a check date of December 31, 2022, must be processed on or before December 28, 2022, to ensure timely tax deposits and to avoid costly penalties. A wire may be required to fund payrolls exceeding your ACH limit.
Third-Party Sick Pay: We understand that third-party agencies have until January 15th to provide you with a statement of benefits for your employees. Most agencies provide this information each time a payment is made. Please report this information to us as soon as possible. Third-party sick pay reported after January 15, 2023, will result in amended returns and additional fees.
W-2 Box 14: Box 14 provides the flexibility to report miscellaneous payroll information on the W-2. We can list specific earning or deduction information here (i.e., charitable contributions through payroll, union dues, etc.). Please contact your Payroll Team no later than December 28th if you need Box 14 reporting set up. We will automatically post any required information in Box 14, such
as SDI (state disability insurance).
We appreciate your business and are looking forward to a great new year with you!