1st Quarter Close is Coming!

The quarter will close on March 30, 2018. Remember, you must provide any updates that directly impact the taxes owed by you or your employees to your Payroll Service Representative (PSR) by no later than March 27 in order to avoid costly amendments. Click here to view the penalties and interest that may apply if this information is not provided in a timely manner.

Here is a short checklist to help guide you through the process:

• Provide copies of any company-issued manual checks that were written during this quarter to your PSR.
• Void any checks issued 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.