Winter is coming (as any Game of Thrones fan will tell you.) The good news is that with Payday HCM, you don’t need to dread year-end.
“As 2015 comes to a close, I want to thank you for choosing Payday HCM,” says Liz Mink, Director of Operations. “We’ve created a guide [PDF download link] that has important information for planning the close of 2015 and the beginning of 2016. Advanced planning ensures an excellent finish and a successful beginning.”
For those of you who don’t have time to download the guide, here are the high points:
Review this list and if any of these apply, call your CSR for planning so Payday HCM can include the information on the W-2s:
- Fringe benefits
- Third party sick pay
- Checks to void
- Personal use of company vehicle
- Group term life
- Dependent care
- S-Corp — company paid owners’ health insurance
- Qualified pension plan
DIRECT DEPOSIT and HOLIDAY PLANNING
Contact your CSR for any scheduling changes, such as paying your employees on the Wednesday before Thanksgiving, at (505) 255-5433.
For payroll emergencies outside normal business hours please call our after-hours line at (505) 260-7627. We will respond within an hour. Please note that after regular business hours additional charges may apply.
Please review your copy of the W-2 SSN/1099 verification report provided with your first payroll in December. It includes names, SSNs, and mailing addresses of your employees. Provide any changes to your CSR as quickly as possible. We will start processing your W-2s within 48 hours of your last 2014 payroll.
W-2s will be sent to you by January 23, 2016 unless you have notified us of pending changes. With respect to privacy, you will receive your employee’s W-2s as a tamper proof, pressure sealed, secure document. Payday will report to the SSA on your behalf. Please have your employees verify their name, address and SSN. For your records you will receive electronic copies of your employee’s W-2s.
FUNDING BONUS and SUPPLEMENTAL PAYROLLS
Plan ahead as shorter time frames may require a wire transfer from your bank. If you will have any of the following, please contact your CSR:
- 941 tax deposits over $100k
- Direct deposit (ACH) files sent less than two days prior to check date
- If your direct deposit exceeds your average payroll.
This is what we need to know:
- Will this be a separate payroll run?
- Will employees receive a separate check?
- What will the check date be?
- Will the bonuses be direct deposits or checks?
- When would you like them delivered or available for pick up?
- What deductions should come out of this check?
- How would you like the bonus checks taxed?
- Other special handling?
SEND US REPORTING AGENCY CHANGES
Preparing for 2016 – between now and the end of January, federal and state agencies will send change notices for the following:
- State notice of employer’s unemployment tax rate change
- IRS 2016 federal tax deposit requirements
- State notice of withholding deposit frequency change
You can login online to view your state agency. Please submit to Payday HCM as soon as you receive them. Notify us if you have ceased business in any state or locality so we can finalize reporting and cease billing for the additional state.
ACA REPORTING PREPARE NOW FOR 2016 REPORTING
Are you ready for the new ACA reporting requirements? Please contact your CSR for more information on analytics reporting and 1094/1095 reporting.
QUESTIONS? LET US HELP!
Payday HCM is dedicated to saving you from ACA compliance nightmares. If you have any questions, call us at 888-2PAYDAY FREE or contact us via http://paydayhcm.com/contact-us.