how to prepare for year-end 2014 now
TRANSCRIPT
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How to Prepare for Year-End
2014 Now We will begin at 1pm ESTUse the chat feature to ask questions!
Keep the conversation going: @dominionsystems #YearEnd
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Briana Cline, CPPEmployee Development
Contact Briana: [email protected]: www.linkedin.com/in/brianacline
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To help you organize your processes for a smooth year-end
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Agenda
1 Year-end defined2 Importance of starting year-end prep now3 Topics we should look at prior to the end of the year4 Preparations for the New Year5 W-2 audits6 Start year-end prep now
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What is year-end?
• Preparing for the last payroll of the year
• Preparing for the first payroll of the new year
• Reviewing W-2s for accuracy
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But, why start now?
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Errors are more likely to occur if you don’t plan ahead
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Record accurate wages all year
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Group Term Life over $50k
Using the IRS Premium Rate table you can find the imputed cost for your GTL.
This table looks at: • Age• Amount of coverage in excess of
$50,000• How much the employee pays for
coverage
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Group Term Life over $50kCan be added to payroll each time payroll is run
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Employer providedhealth coverage
W-2s must reflect this if in the previous year there were 250 or more W-2s
distributed
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Health Savings Account
Must include employer and employee contributions
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3rd Party Sick Pay
Paid to the employee due to injury, sickness, or disability
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S-Corporatio
nAccident
and health insurance premiums
paid for 2% shareholder
s
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Other compensation & benefitsKnow how to report and tax your compensation types
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Additional items to note:
Communicate with your provider
Confirm who is printing W-2s
Review current PTO policy
Verify how paid holidays are handled
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Preparing for the new year
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Prior to the 1st payroll of the new year
Re-evaluate earnings & deductions
Verify IRS regulations
Enter paid holidays into payroll
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Before releasing W-2s…
Audit, audit, audit.
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Begin preparation now
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Mark your calendar with audit dates
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Communicate with key parties involved
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Prior to the last payroll
of each quarter
Enter adjustments into payroll• Void checks• Fringe benefits• Compensation• 3rd Party Sick Pay
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After the last payroll of each quarter
Complete your audits
Compare quarterly 941 to payroll reports
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After 3rd quarter, but prior to the last payroll of year
Enter all adjustments into payroll
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Before the first payroll of new year
Provide new SUTA rate to payroll
Verify IRS changes have been implemented in payroll
Re-evaluate earnings and deductions
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W-2
audit
Conduct 4th quarter audits
Add all 941’s together and compare to W-2s
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Repeat & refine
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Questions?