Quarter Close is Coming!

The quarter will be closing soon. Now is the time to review the following reminders and provide updates to your payroll services representative at least 3 business days prior to the last day of the quarter to avoid costly amendments. Click here to view penalties and interest that may be applicable if information is not provided timely.

• Provide copies of company issued manual checks written during this quarter to your payroll representative.
• Have you issued any checks during this quarter that should be voided?
• Make sure all outstanding terminations have been keyed.
• Check that your Paid Time Off policy is calculating accurately.
• Report any employer contribution amounts made directly to an employee’s Health Savings bank account in a payroll batch using ‘Memo code T’.
• Report any taxable fringe benefits amounts in a payroll batch using ‘Deduction Code Y’.
• Remind your S-Corp shareholders that their quarterly taxable fringe for health benefits will be processing soon.

Very soon, you will be prompted to review these reminders during the last month of the quarter while you are processing your payroll.