2016 is just around the corner and now is the time to update the information we require to complete your year-end documents. Below is a list of important information you may need to update. Please submit all information by Friday, December 11, 2015.
Company Address – all W-2s and annual filings will be prepared with your legally registered business address.
Contact Information – Review payroll and ownership contact information to make sure they’re up to date in our system.
Contact Information – Verify 1099 contractors, current and past employee names, addresses, and Social Security Numbers. Missing or invalid information is subject to government penalties.
Manual Checks – All relevant payments that were issued to employees that have not been included with previous payrolls need to be submitted.
Employer Contribution – The amount the employer paid towards each individual employee’s health insurance must be reported on the W-2s for ACA Compliance.
S Corporation 2% Shareholders Health Insurance – The cost of premiums provided to 2% shareholders must be reported as income on the W-2s.
Please advise us ASAP if you plan to run an extra bonus payroll. Payroll processing for the year must be completed by December 31. For a December 31st check date TLC needs the completed payroll to be run no later than Tuesday, December 31, at 1:00 PM.
Your payroll manager can provide more details on deadlines to help ensure your organization is in compliance with all regulations and ready to start the new year off on the right foot! If you have any questions, please don’t hesitate to contact us!
(970) 568-8613 • email@example.com • (303) 351-5771