What you need to know to get it done right and done now!
The federal government seems to have conspired against us, back-loading an inordinate number of
tasks for this time of year – a time when we’re already busy enough! While tax filing and 1099 processing due dates are looming, perhaps the most vital year-end tasks surround payroll processing. It is imperative that you complete payroll year-end processing on time and with the utmost accuracy. Here are a few pointers to help ensure you can check this one off your list and move on the next item.
1. Making a list
Complete and return the Ameriflex year-end checklist [page 10] to your Ameriflex Client Services Specialist now. You can submit it by fax or email, but do not delay. The information here will help Ameriflex help you complete the necessary steps for payroll year-end processing.
2. Checking it twice
Next, review the complete Ameriflex 2016 Year-End Packet and use it as a reference and a resource to ensure you’ve gathered the necessary data, completed all the steps and submitted all the information needed.
3. Better watch out (for these considerations)
- Third-party sick pay: Be sure to get this information from the third-party provider. You’ll need this information by January 6, 2017 to ensure your 941 and W-2s are correct. Be aware, though, that some third-parties pay the tax and file the W-2s on your behalf. If this is true, you should not provide this information to Ameriflex.
- Taxable fringe benefits: You must report the value of some non-cash fringe benefits on the 941 and the employee’s W-2. Laws require that taxable fringe benefits be included in wages, making them subject to Federal Income Tax, FICA, FUTA and possibly state income and unemployment tax. The laws surrounding this area are complicated, so please contact your financial advisor for advice.
- Year-end bonuses: If you plan to pay year-end bonuses, it’s vital that you notify Ameriflex at least two business days prior to the check run. Please refer to page 6 of the Ameriflex 2016 Year-End Packet for additional considerations surrounding bonus checks.
4. Better not pout
Consider leveraging Ameriflex to help with additional aspects of your organization’s human capital management in 2017, making your job easier. A few of the company’s most popular products and services include:
- FSA
- HSA
- Cobra
- ACA Compliance
- Time and Labor Management
- Human Resources
5. Deadlines are coming to town
If your payroll date falls on Monday, December 26th (an Ameriflex holiday), you will need to move your check date to December 23rd or December 27th. If your check date is December 23rd Ameriflex will need your payroll information on Wednesday, December 21st. If your check date is December 27th, Ameriflex will need your payroll information by Thursday, December 22nd.
As always, we’re standing by to help in any way. Please contact me at brian@bterrellgroup.com or at 866-647-2611. And a very happy holiday season to you and yours.
By BTerrell Group, Texas- based Intacct Partner
866.647.2611