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We review many important items that will help make a successful Year-End. We’ll review the W-2 process, explaining the changes that occurred during 2013 and how they’ll affect your employee’s W-2s, discuss some of the most common year-end adjustments, and review how to ensure your employee information is correct. We’ll also go over some of the expected Tax changes for 2013. Presented by AlphaStaff PR /Finance
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AlphaStaff’s Year-End Process - 2013
Presented by Simplifying business. Benefiting people
2013 Webinar Series
December 19, 2013
Mike Johnson, CCP – Sr. Manager of Payroll AlphaStaff
Address Changes
W-2s are mailed to the employee address on file
Review Employee Addresses on InfoSource
• Web Reporting / HR Template / Employee Master
Submit address changes to Payroll Maintenance by December 27, 2013
Year-End Adjustments
• Void checks
• Manual checks
• All fringe benefits to be reported on a W-2
Adjustments Include
• Any currently known adjustments must be submitted by Thursday, December 26th
Deadline to Report
• W-2c will be required after this deadline has passed
All other adjustments must be received by
Friday, December 27th
Year-End Bonus
Bonus schedules should be communicated to AlphaStaff one week before the processing
date
Your payroll specialist will go over the check
list
Discuss your processing preferences with your
Payroll Specialist
•Will you want all live checks? •Will the checks be processed as separate checks? •Should retirement deductions be withheld?
Employer-Paid H.S.A.
W-2 Box 12, Code W
AlphaStaff administered plans are automatically updated
Submit Employer Paid Portion of H.S.A. for Client Plans by
December 16th
The Patient Protection and Affordable Care Act of 2010
The Affordable Care Act requires employers to report the cost of coverage under an employer-sponsored group health plan.
• This does not mean that the amount reported is taxable
• The amount reported is excluded from income
• The reporting is for informational purposes only
The Patient Protection and Affordable Care Act of 2010
AlphaStaff Administered Plans
• Automatically reviewed
• Qualifying plans will be reported
• No additional action required
The Patient Protection and Affordable Care Act of 2010
• Deduction Listing
• Benefit Reporting Template Last Payroll
• Numbers final early? Contact your Payroll Specialist
• To avoid delays, do not modify your spreadsheet Processing Quick Tips
• Template due January 3, 2014 Deadline
http://www.irs.gov/uac/Form-W-2-Reporting-of-Employer-Sponsored-Health-Coverage
Self-Employed Individuals
Who are Self-Employed Individuals?
• S-Corp - More than 2% Shareholders
• LLP - Partners of a Limited Liability Partnership
• LLC taxed as a Partnership - the Partners of the LLC
• LLC taxed as an S-Corp - those who are more than 2% Shareholders
Participation (Medical, Dental, Vision)
• Contribution must be 100% employer paid
• If there is an owner contribution, the contribution must be post-tax
• Self-employed individuals may not participate in the FSA program
Responsibility
• It is the owner’s responsibility to report if they are not eligible for pre-tax deductions
Deadline
• Owners should report any changes by December 16th
Third-Party Sick Pay
What is Third-Party Sick Pay?
• Disability payments
• Payments are considered wages and must be reported on the W-2
Responsibility • AlphaStaff will retain the
information for all AlphaStaff plans
• For client sponsored plans you must submit the information from your provider
• In all cases, the employer is responsible for the employer’s portion of taxes
Deadline
• 10 am EST December 27, 2013
• Any Third-Party Sick Pay received after this time are subject to receive a W-2c for a $30 fee per adjustment
Group Term Life
• Imputed income is the taxable value of group life insurance over $50,000 that is provided to employees
Imputed Income
• The AlphaStaff plans are not subject to imputed income
• No action or additional taxation is required
AlphaStaff Sponsored Plans
• You must include in your employee's wages the cost of group-term life insurance beyond $50,000 worth of coverage, reduced by the amount the employee paid toward the insurance
• For more information go to http://www.irs.gov/pub/irs-pdf/p15b.pdf
Client Sponsored Plans
• All Imputed income must be reported by December 27, 2013
Deadline
W-2 Delivery Options
Electronic W-2 Registration
• www.paperlessemployee.com/alphastaff
• Electronic registration must be done no later than January 4, 2014
• Employees who registered last year will automatically receive an electronic copy of their W-2 for 2013
Paper W-2
• For those not registered for an electronic W-2, paper W-2s will be issued no later than January 31, 2014
• W-2 will be mailed to the address in the system as of December 27, 2013
• If an employee had received an electronic copy last year but would like to switch to paper, they need to log in to www.paperlessemployee.com/alphastaff and “Opt Out”
All active employees will have access to their W-2 on InfoSource February 15, 2013
What if my employees have questions?
W-2 Call Center Opens 2/6/14
(888)778-9128
Fax
E-mail W2generalinquiries @alphastaff.com
(866)616-5034
www.paperlessemployee.com/alphastaff
**Processing fees apply**
• Adjustment Due – 12/13/2013 – Final Adjustments Due 12/26/2013
• Self Employed Info and H.S.A. Figures Due – 12/16/2013
• Address Changes and Third-Party Sick Pay Due – 12/27/2013
December
• Benefits Reporting Template Due – 1/3/2014
• Last Day to Register for Electronic Delivery of 2013 W-2s – 1/4/2014
• W-2s Must be Postmarked and Mailed – 1/31/2014
January
• W-2 Call Center Opens and W-2 Reissue Requests Begin – 2/6/2014
• W-4 Exempt Employees Claim Due for 2014 - 2/12/2014
• W-2s Available for Employees on InfoSource – 2/15/2014
February
QUESTIONS?