Quarterly Company Review Reminder

We are at the end of the 4^th quarter of 2015. ADP Resource stands ready to help you make sure that your payroll and tax records are complete and accurate. The checklist below contains reminders of items that you should address within the quarter. Adjustments made after December 31^st may lead to possible tax penalties and interest and the need to amend tax returns to correct the previous quarter(s).

By taking these precautions you are preparing for the closing of 2015 with accurate W-2 Forms and tax filings and the start of a new payroll year with correct payroll records !

Please examine the items below and feel free to contact your Payroll Service Representative with any questions:

• Review the most recent Master Control Report to ensure that the employee information is correct. Information to review should include the employees’ tax profiles and total wages.
• Review your Quarterly Tax Verification Letter (QTVL) to ensure the proper spelling of your company name and legal mailing address, tax identification numbers, unemployment tax rates, tax filing responsibility, and taxability of your benefits.
• Review your Preview W-2 Forms & Wage and Tax Register which displays information that is included on the quarterly and annual tax reports required by various government agencies.

To help you with reconciling your Wage and Tax Register and your W-2 Forms, we have provided you with the following guides: What’s in a Box for 2015?, Reviewing the Wage and Tax Register, Reviewing your Preview W-2 Forms in iReports, and W-2 Accuracy. These easy-to-use guides defines several steps and guidelines to use when auditing your Wage and Tax Register and Preview W-2 Forms and also helps you determine if any errors need to be corrected.

• Do you have any employees on leave of absence? If so, please make sure you request applicable statements from the insurance provider and verify your reporting responsibility in respect to such payments.
• Have you placed a stop payment on a check or had an employee’s direct deposit reversed? If so, please double check that employee’s wages to confirm that those funds were reversed from the employee’s earnings.
• Do you need to run a supplemental or bonus payroll? Please contact your Payroll Service Representative to schedule.
• Do you have employees who receive taxable fringe benefits that should be recorded in 4^th Quarter 2015? Taxable fringe benefits can be cash or non-cash benefits. Examples would include personal use of a company car, housing allowance, S-corporation health insurance, or group term life benefits.
• Has your State Unemployment Insurance experience rate(s) changed? If, so please forward the appropriate documents to your Payroll Service Representative immediately to ensure accurate tax filings and avoid any overpayments/underpayments.
• Has there been a modification to your deposit frequency for a federal/state/local jurisdiction? If so, it is imperative that you update your deposit frequency on file with ADP Resource as soon as you receive it from the agency. An incorrect deposit frequency could result in penalties and interest.
• Have you made any changes to your company policy for 2016 (such as accumulators for benefit accruals, January 1^st accumulator resets, vacation hours, new benefits)?  If so, please submit these changes prior to processing your first 2016 payroll.