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Year End Guide

2013

Dominion Payroll Services (DPS) would like to take this opportunity to thank you for your business and to wish you a happy holiday season and a prosperous New Year. Please review this year end guide carefully to ensure that you are aware of any and all action items that may affect your company. Following the guidelines and meeting the deadlines in this guide will allow us to ensure accurate year end reports and timely filings with the various tax authorities.


Dear Friends of Dominion Payroll Services,

It is that time of year again… year-end is upon us! This document is a crucial part of our fourth quarter and year-end education process and will help you guide you smoothly through a successful end of the year. Please read this document carefully and respond to us with any adjustments and notifications as soon as possible.

As always, if you have questions that are not addressed in these documents or need further clarification, you may contact our Richmond Operations Office by dialing 804.355.3430.

Thank you,

The Dominion Payroll Services Team

Table of Contents

    • Important Deadlines and Holidays Pg. 3

    • W-2 and 1099 Deadlines Pg. 3

    • How to Review Employee Information and Schedules Pg. 4

    • 1099 Miscellaneous Forms Pg. 5

    • Bonus/Holiday Checks – Things to Consider Pp. 5

    • Do’s and Don’ts Pp. 6

    • Health Care Reporting on W-2 Pg. 7

    • IRS Notes for 2014 Pg. 7

    • State Unemployment Rate Updates Pg. 7

Important Deadlines for Year End

  • November 22 -- Notify DPS as to which types of Fringe Benefits you will be reporting at Year End

  • December 13 – Review year-end guide, audit employee records to prepare for W-2s

  • December 30 – Last day to process 2013 payrolls

  • January 24 – W-2’s and 1099’s delivered to clients no later than this date.

Upcoming Holidays

  • November 28 – Thanksgiving; DPS and banks are closed.

  • December 24 – DPS hopes to close at noon.

  • December 25 – Christmas Day; DPS and banks are closed.

  • January 1 – New Year’s Day; DPS and banks are closed.

  • January 20 – Martin Luther King, Jr. Federal Holiday; DPS and banks are closed.

Important E-mail Addresses

Customer Service customerservice@

Tax tax@

Year-End Adjustment Processing Deadline

Please notify us no later than December 13, 2013 of any year-end payroll adjustments. This will provide sufficient time to record adjustments prior to your last payroll process of 2013. We understand that some information related to closing your 2013 payroll records may not be available by this date, and we will make arrangements to report information as it becomes available. Please keep in mind that reporting adjustments after your last payroll in 2013 could delay your 4th quarter and year-end returns as well as causing additional processing fees.

Examples of adjustments are as follows:

  • Void and/or manual checks

  • Third party sick payments

  • Fringe benefits

  • Year-end distributions

  • Bonuses and other gifts given to employees

  • Heath Insurance Premiums (only for employers with 250 or more W-2s filed in 2012, due by Jan. 15, 2014)

  • Vendor 1099 payment recording

W-2 and 1099 Deadlines

  • W-2 deliveries will begin Monday, January 13th.  W-2's will be shipped to your offices no later than January 24th.  The forms will be in a separate package labeled 'W-2'.

  • If you are a paperless client, we will deliver paper W-2's to your delivery address on file. 

How to review and confirm accuracy of your company and employees’ information

On the first payroll in your Year End Period, a SSN Verification Report and a Tax ID & Rate Report will be included with your payroll reports. Please review this report to ensure that all of the Tax IDs for your employee and employer tax accounts are correct prior to running your last 2013 payroll.

Employee W2 Information

Internet clients (using Empire):

  1. Log into Empire.

  2. Select Client Reports in the Reporting module.

  3. Select "Employee W2 Verification".

  4. Hit the "Run Report" button.

  5. Review the report and make any updates in Empire prior to processing your final payroll of 2013.

Non-Internet Clients:

Contact customer service to ask for your company’s Employee W-2 Verification report.

Incorrect information can affect your employee’s W-2 filing and social security wage benefits as well as cause additional fees for corrections made after the 2013 payroll year has closed.

ACA Reports

If your company filed 250 or more W-2s in 2012, you will be required by the IRS to report the amount of money paid in medical insurance premiums for your employees on each of their W-2s. Please consult Box C of your 2012 Form W-3 to confirm the number of W-2s filed in 2012 so that you can prepare to report premiums if necessary.

If your company employs 50 or more full-time equivalent employees, ACA requirements will go into affect for your business starting in 2014. Review your ACA Reports to ensure that you are aware of potential action items.

Internet clients (using Empire):

  1. Log into Empire.

  2. Select Client Reports in the Reporting module.

  3. Run the "ACA Large Employer Compliance Test" report.

  4. If your "FTE Count" is at 50 employees or more, also run these reports:

    1. ACA Affordable Coverage Determination Report

    2. ACA Full Time Look-Back Report

Payroll Schedules for 2014

Please take a few moments to review your 2014 schedule during the first week of the new year.

Internet clients (using Empire):

  1. Log into Empire.

  2. Select Payroll Processing.

  3. Select Client Run Schedule.

  4. Review the schedule to ensure that the appropriate dates are there for each check run.*

*If you have a fiscal year start, please ensure that the appropriate "First Payroll in Fiscal Year" box is checked on the schedule.

1099 Miscellaneous Forms

If you have paid 1099 miscellaneous income through the payroll system in 2013, DPS will produce these forms. If you have additional 1099’s (for vendors or contractors who were paid earlier in the year and not reported), enter them using manual adjustments before you process your last payroll for 2013. Always use 1099 Earnings codes to pay 1099 contractors and/or vendors in the payroll system to ensure that the 1099 tax forms are generated properly.

Special Payrolls

Many companies issue bonus checks and other supplemental wage payments in December, and these checks/adjustments can be run with regular payroll. If a separate payroll check date or period end date is desired, the extra checks must be run as a "Special" payroll that is added to the payroll schedule. Please keep in mind that the default check types that will be included are different for Regular Payrolls and Special Payrolls:

Default System Settings for Paid Items on Empire Payrolls

 

 

 

Regular Payroll

Special Payroll

Salaries

x

 

Auto-Paid Hourly Employees

x

 

Additional Checks/Manual Checks

x

x

Entries from Time Entry Grid

x

 

Entries from Additional Time Entry Grid

x

x

Bonus/Holiday Checks – Things to Consider

Scheduling a Special Payroll in Empire allows you to select various global options as to how bonuses will be paid, which makes the process of running a bonus payroll more efficient. It's important that you talk with a DPS representative to select the options you want when that Special Payroll is added to the schedule. Here are things to consider:

  1. What should the check date for your bonus payroll be?

  2. Should there be any voluntary deductions from the bonus checks, or should only taxes be withheld?

  3. What tax frequency or percentage would you like to use for withholding taxes on the bonus checks?

  4. Should the checks be grossed-up for taxes? If so, will you be covering the employees' withholding taxes as well as FICA/Medicare?

6. Should the bonus checks be direct-deposited, or would you prefer that they be live checks that you can physically hand out to employees?

7. If your employees access their check stubs electronically, when should the bonus checks post for viewing? Should they be made available on the day that payroll runs, or should we restrict access until after you've handed out the bonus checks?

After we create the Special Payroll in the schedule, please review the options selected under Payroll Run Schedule to ensure all of the options selected are the options you wanted to use.

If you would prefer to work on a spreadsheet and import bonuses rather than entering them into the Additional Time Entry Grid, please let your customer service representative know so that they can help you with that procedure.

Once you've completed your Special Payroll entries, make sure to go through the Preview Payroll step before you process your payroll to ensure that the checks are calculating as you expected.

DOS AND DON’TS

Topic

Do

Don’t

Void Checks

Do void fourth quarter checks on or before your last payroll process for 2013.

Do not void prior quarter checks. Send a note to the customer service team to let them know about prior quarter checks to be voided.

Manual Checks

Do enter them on or before your last payroll process for 2013.

Do not enter negative manuals for prior quarters without consulting a DPS service representative.

Address Changes

Do make all address changes on or before your last payroll process for 2013.

Payroll Calendar

Do verify payroll processing schedule/calendar by 01/15/2014.

Verification

Review the following reports from Client Reports:

Employee W-2 Verification Report

SSN Verification Report

Tax ID & Rate Report

ACA Reports

Year-End Exceptions Report

1099 master file information

Internet customers enter online/non-internet clients submit to customer service before you process the last payroll of 2013.

1099 Information

Internet customers enter online/non-internet clients submit 1099 earnings to customer service before you do the last process of 2013.

Payroll Tax Information

Do send all payroll tax documents received from federal, state and/or local tax authorities to the Tax Department.

Group Term Life (GTL)

Do enter on or before your last payroll process for 2013.

Do not enter GTL on terminated employees. Call DPS for instructions.

Third Party Sick Pay

Send all 3rd Party Sick Pay to customer service with or before your last payroll process of 2013.

Fringe Benefits

Do report any additional fringe items on or before your last payroll process for 2013.

Do not enter manual adjustments after the last 2013 payroll process. Send them to customer service.

Health Care Reporting on W-2 – Requirement for Large Employers

  • If your company filed more than 250 W-2's in 2012, the ACA W-2 reporting requirement applies, and you are responsible for reporting the total costs (regardless of employee-paid portion vs. employer-paid portion) of health insurance on their 2013 W-2's. 

  • Typical costs to include are those paid on behalf of the employees for group health insurance plans.  For more detailed explanation of these items, please refer to the IRS website [1].

  • Since this information may not be available until after the close of the 2013 calendar year, we ask that you compile a list of the employees and their premiums in January of 2014 and send us the spreadsheet by January 15th so that we can add those values to your W-2s.

[1]http://www.irs.gov/pub/irs-drop/n-12-09.pdf

IRS Notes for 2014

  • FICA Social Security will remain at 6.2%.

  • Medicare tax rate increased in 2013 from 1.45 percent to 2.35 percent on wages earned above $200,000 for single filers and $250,000 for joint filers ($125,000 for a married individual filing separately), and the new rate remains in effect.

  • This increase only applies to the employee Medicare portion of the Federal Insurance Contributions Act (FICA) tax. Consequently, employers do not have to match the increased Medicare tax amount from employee’s wages.

  • NOTE: The employer is required to withhold the increased amount from all workers with wages exceeding $200,000, regardless of the marital status claimed on the employee’s Form W-4. Over- and under-withholding for the employee will be reconciled upon the filing of his/her tax return.

  • Social Security Tax Wage Base increase: In 2013, the maximum is $113,700. It will rise in 2014 to $115,500.*

  • 401k contribution limits: Steady at $17,500 with catch-up of $5,500 for employees age 50+.*

  • Simple IRA contribution limits: Steady at $12,000 with catch-up of $2,500 for employees age 50+.*

*These amounts have not been finalized as of October 3, 2013.

State Unemployment Rate and State Deposit Frequency

You should receive your 2014 state unemployment rate and your state deposit frequency during the next two months. Once you receive these notices, please fax them to us at 804.355.3432 or email them to the Tax Department (tax@). This will ensure the accuracy of your tax liability calculation and timely deposits of the associated taxes.



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