Filing Requirements: 941 or 944
Each year, the IRS notifies employers if their filing requirement changes. If you are assigned a new deposit schedule or filer type (941 or 944), contact your payroll specailist.
... more details
Federal Filing Requirements and Deposit Frequency
New deposit and filing requirements take affect with a company`s first payroll in 2010.
... more details
 
Filing Requirements: 941 or 944

Filing Requirements: 941 or 944
Each year, the IRS notifies employers if their filing requirement changes. If you are assigned a new deposit schedule or filer type (941 or 944), contact your payroll specailist.

If your are not notified of any changes, no changes are necessary. If you`re not sure, want to confirm the details, or want to make a change, call the IRS at (800) 829-4933 before April 1, 2010.

For more information, see Publication 15 or Form 944 instructions on the IRS website.
 
Federal Filing Requirements and Deposit Frequency

New deposit and filing requirements take affect with a company`s first payroll in 2010.

If the IRS or a state agency sends you a notice about a new deposit schedule or a new filing requirement, please forward us a copy of the noitce via fax:

Compliace Department

954-656-1092

So we can update the account before January 1, 2010.

 
Year End Checklist 2009

Are you ready for the Year End?

 

Year-end is a busy time: making quarterly filings and payments; verifying employee, wages, and benefit information; processing tax returns. It is always good to prepare in advance to avoid the errors and the rush at the end.

 

BEFORE your LAST PAYROLL of 2009


In addition to your normal verification procedures, do the following:

 

1. Check employee and employer indicative data:

 

  • Verify the employer and employee data that is used in processing your quarterly tax reports and W-2s.
  • To which employees does the "retirement plan" indicator in Box 13 of Form W-2 apply?
  • Confirm that employee names and Social Security numbers are in the correct format.
  • The IRS may impose a penalty for each Form W-2 with a missing or incorrect Social Security number or employee name.
  • Ensure that deceased employees are properly coded.

 

2. Check wage, tax and benefits data:

 

  • Confirm that deferred compensation plan type is correct and verify employee contribution amounts.
  • Check that Group-Term Life Insurance adjustments have been updated and submitted.
  • Ensure that other special tax items have been updated and submitted, such as Other Compensation, Third-Party Sick Pay, Employee Business Expense Reimbursements, Taxable Fringe Benefits, Tip Allocation information, and Dependent Care Benefits.
  • Verify the employer state unemployment insurance tax rate and taxable wage limit for each state.
  • Compute uncollected Social Security and Medicare taxes for retirees and former employees.
  • Verify that withholding has been made properly, or withhold from the final paycheck for taxable fringe benefits. These may include:

Group-term life insurance in excess of $50,000

Third-party sick pay (is the third party issuing a W-2?)

Personal use of company vehicle

Non-qualified moving expense reimbursements

Company-provided transportation or parking

Employer-paid education not related to the employee`s job

Non-accountable business expense reimbursements or allowances

Bonuses

Non-cash payments

Check for required backup withholding; verify amounts.

 

3. Check for special procedures:

 

  • Schedule any special bonus payrolls for the current year.
  • Request any special reports needed for year end.
  • Ensure adequate payroll supplies to complete the year and to begin the new year, including blank checks, payroll forms and blank Forms W-2.
  • Determine whether all adjustments are applied or that an adjustment payroll has been scheduled.
  • Remind employees to fill out a new Form W-4 if their situation has changed.
  • Obtain new Forms W-5 for Advance Earned Income Credit (EIC) for the new year.
  • Confirm that all "manual" checks written during the year have been accounted for and updated in the system.
  • Determine that all voided or reversed paychecks have been accounted for in the system.
 
Home  |    About Us  |    Services   |   Price Quote   |   Resources  |    Forms   |   FAQs   |   Client Login  |    Contact Us
Copyright © 2007 - 08 All Rights Reserved Payroll Central USA, LLC.
powered by Expertek Cyber Solutions, Inc.