1st Quarter is Coming to a Close!
03/01/18
Author: ADP Admin/Monday, February 26, 2018/Categories: Bulletin News
The quarter will be closing on March 30, 2018. Now is the time to review the following reminders and provide updates to your payroll services representative by no later than March 27th. Any items reported after this date that directly impact the amount of taxes owed by you or your employees could result in costly amendments. Additionally, be sure to provide your PSR with copies of any company-issued manual checks that were written during this quarter. Below are some important things to do and to consider ahead of the March 27 deadline:
- Have you issued any checks during this quarter that should be voided?
- Notify your payroll representative of 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.
Click here to view the penalties and interest that may be applicable if you do not provide this information in a timely manner.
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