How to Prepare for Year-End 2014 Now

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    09-May-2015

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<ul><li>1.How to Prepare for Year-End 2014 Now We will begin at 1pm EST Use the chat feature to ask questions! Keep the conversation going: @dominionsystems #YearEnd </li></ul> <p>2. Briana Cline, CPP Employee Development Contact Briana: brianac@dominionsystems.com Linkedin: www.linkedin.com/in/brianacline 3. To help you organize your processes for a smooth year-end 4. Agenda 1 Year-end defined 2 Importance of starting year-end prep now 3 Topics we should look at prior to the end of the year 4 Preparations for the New Year 5 W-2 audits 6 Start year-end prep now 5. 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 6. But, why start now? 7. Errors are more likely to occur if you dont plan ahead 8. Record accurate wages all year 9. 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 10. Group Term Life over $50k Can be added to payroll each time payroll is run 11. Employer provided health coverage W-2s must reflect this if in the previous year there were 250 or more W-2s distributed 12. Health Savings Account Must include employer and employee contributions 13. 3rd Party Sick Pay Paid to the employee due to injury, sickness, or 14. S-Corporation Accident and health insurance premiums paid for 2% shareholders 15. Other compensation &amp; benefits Know how to report and tax your compensation types 16. Additional items to note: Communicate with your provider Confirm who is printing W-2s Review current PTO policy Verify how paid holidays are handled 17. Preparing for the new year 18. Prior to the 1st payroll of the new year Re-evaluate earnings &amp; deductions Verify IRS regulations Enter paid holidays into payroll 19. Before releasing W-2s Audit, audit, audit. 20. Begin preparation now 21. Mark your calendar with audit dates 22. Communicate with key parties involved 23. Prior to the last payroll of each quarter Enter adjustments into payroll Void checks Fringe benefits Compensation 3rd Party Sick Pay 24. After the last payroll of each quarter Complete your audits Compare quarterly 941 to payroll reports 25. After 3rd quarter, but prior to the last payroll of year Enter all adjustments into payroll 26. 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 27. Conduct 4th quarter audits Add all 941s together and compare to W-2s 28. Repeat &amp; refine 29. Questions? </p>