Tips and Resources for a Sucessful Year End

Verify Name and SSN - Go into online payroll, run the SSN verification report and check for missing socials, name changes and incorrect data.  The SSA can assess a penalty for name/number mis-matches.         
           
Report Fringe Benefits - Typical fringe benefits include group term life insurance, personal use of a company vehicle, company paid health insurance for 2% owners of Sub-S corps, and non-cash holiday gifts.  Reference IRS Pub 15-b (below) on our year  end page for a complete listing.  Use the Fringe Benefit Survey to report these amounts to TPC.            
           
3rd Party Sick - Please forward sick pay reports to TPC as soon as possible to have any sick pay not previously reported included in 2009 W-2's.

Deductions - If you have employees who you know will be contributing the maximum including the catch-up, these employees can be set-up to max out on both deductions at the same time.  This will eliminate the need to monitor when the first retirement contribution maxes out in order to set up the catch-up deduction.  Please contact us if you need help.  Also, if you have special deductions with company limits (not including retirement plan limits or individual garnishment limits) please e-mail support@payrollcompany.biz if the limit is changing.

Time Off Balances - If TPC keeps track of vacation, sick, PTO or other balances, there are two options for the first payroll of 2010.  One option is to carry the balance over and the other option is to clear the balance to zero.  If you are unsure how your balances are set up, please e-mail support@payrollcompany.biz to confirm your set-up.

Unemployment Rates - Please forward any notice of unemployment rate change for 2010 if you have not already.           
           
W-2 Delivery - W-2's will be delivered using the same method that we deliver your paychecks.  If you do not get paychecks (online stubs only) they will be delivered to your business.  E-mail support@payrollcompany.biz if you would like to change the delivery method.     
 

Year End Fringe Benefit End Survey (click here)

Group Term Life Insurance Worksheet (click here)

Lease Value Income Calculation Worksheet (for use in calculating the value of personal use of a comapany vehicle)

IRS Pub 15-b: Employer Tax Guide to Fringe Benefits (click here)

IRS Pub 525: Taxable and Non-Taxable Income (click here)

IRS Pub 535: Business Expenses (click here)

IRS Pub 15: Employers Tax Guide (click here)

Employee Termination Checklist (click here)