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Year End Survival Brenda Mott 2/20/14. Form W-2 Year-Round Readiness Plan.

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Presentation on theme: "Year End Survival Brenda Mott 2/20/14. Form W-2 Year-Round Readiness Plan."— Presentation transcript:

1 Year End Survival Brenda Mott 2/20/14

2 Form W-2

3 Year-Round Readiness Plan

4  Agenda  Year-Round Checklist  Training & Resources  Proactive Approach  Dates & Deadlines  Make the most of your workday Year-Round Readiness Plan Jan 1…………..…………..12/31

5  Build a foundation ◦ Create a year-round team ◦ Include all who touch year end  Develop a strategy plan ◦ Simple but detailed  Proactive ◦ Stay on track

6  Items to list ◦ Tasks, activities, processes  Include year-round items ◦ Monthly / Quarterly / Year End  Accountability ◦ List who, what, where, when, and resources to accomplish task  Living document ◦ Add, change, delete throughout year

7  Training is an investment  Know resources ◦ Payroll Provider ◦ User Groups: APA ◦ Websites  Agencies: Federal, State, Local  Industry: HR, Payroll, Benefits ◦ www.Ascentis.com  Menu > Resources

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10 IRS: www.IRS.govwww.IRS.gov ◦ What’s Hot ◦ Voluntary Worker Classification Settlement Program (VCSP) ◦ E-Newsletters: http://www.irs.gov/uac/e-News-Subscriptions-2

11 IRS: www.IRS.govwww.IRS.gov ◦ What’s Hot SSA: www.socialsecurity.govwww.socialsecurity.gov ◦ My Social Security Account Communicate with employees Review your paystub Print & review Employee Profile document (sign-off) Bulletin Board

12  Review quarter-end and year-end data now ◦ System Reports  Fica Variance Report  W2 Audit Report  EE and ER Taxes ◦ Company level  Company name and address  Company tax id numbers  Company unemployment rates ◦ Compliance and Record Retention

13  Payroll changes: Changing banks, frequencies, transfers  Tax changes: Mergers, acquisitions, closures, ID changes  Benefit Changes: Plans, Tiers, Rates, Open Enrollment  Bank Information: Changing accounts  Reporting requirements: 401(k)  Timekeeping system updates: Accruals, Schedules, Holidays  Application Updates: Software, computers, system backups  Reconcile outstanding checks > 30 days old  Reconcile accounts payable activity for W2 accuracy  Deduction/Earning Codes limits & updates  General ledger updates  Vacation/sick/holiday policy changes  Pay Grade Changes  Bonus or special payouts  Wage and tax adjustments

14 You are responsible!  Reconciling & Balancing is key to success  Balance As You Go ◦ Each Payroll ◦ Each Month-end ◦ Each Quarter-end ◦ Result: No Yearend Surprises  Use everything in your power: ◦ Reports: Payroll Register, Labor Distribution, Payroll Summary, etc. ◦ Payroll Provider or In-House program

15  Ongoing Review of Employee Data Now ◦ Employee level  Name, address, SSN, wages, taxes, deductions, W-2  Review terminated and inactive employees during year  Social Security Administration (www.ssa.gov)  E-Verify : online verification tools available ◦ Ongoing Review of W2 Data  W2 boxes are updated correctly  X must print in Box 13 for each active participant covered by qualified plan via employee or employer contribution at any time during the year  Contact CPA, tax attorney or advisor if unsure

16 ItemDateComplete Training Events Submit Projects to Payroll Provider Open Enrollment Deadline W2 Hold Request Deadline QE/YE filings and deposit dates Adjustment Run Deadline Print of W2s Adjustment Run: Requires W2c & Amendments Delivery of W2s Train Employees to Access W2s Online

17 HolidayDateDayFederal Reserve Bank Holiday Payroll Processor New Years1/1WedClosed Martin Luther King1/20MonClosed Washington BDay2/17MonClosed Memorial Day5/26MonClosed Independence Day7/4FriClosed Labor Day9/1MonClosed Columbus Day10/13MonClosed Veteran’s Day11/11TuesClosed Thanksgiving11/27ThursClosed Christmas12/25ThursClosed

18  Smile: National Holidays  http://www.holidayinsights.com/moreholidays/february.htm  http://www.brownielocks.com/month2.html February 20: National Hoodie-Hoo Day  On this winter day, people go out at noon, wave their hands over their heads and chant "Hoodie-Hoo". It is a day to chase away winter blahs, and bring in spring. 18

19 MS Outlook  Create folders to organize emails 19

20 MS Outlook: Options  Auto Signatures: To increase time in email replies 20

21 MS Outlook: Options  Spelling & Autocorrect 21

22 MS Outlook: Options  Autocorrect: To increase typing speed and accuracy of words, company name, software application names, terminology used frequently in emails 22 mp → MPAY psa → PSA psag → Payroll Service Agreement pe → Payentry dcs → DocuSign recieve → receive anme → name s&m → Sales & Marketing

23 MS Outlook / Word / Excel / PowerPoint: Options  Customize the Toolbar for quicker navigation 23

24 MS Outlook: Categorize to help organize, sort and search for emails 24

25 MS Outlook: Notes For quick reference of logins, references, contacts, websites 25 FYI Note: Login Info: Website Info:

26 MS Outlook: Shortcut Keys  Control/EnterSends email you’re composing  Control/RReply  Control/FForward  Control/NNew email  Control/Shift/ANew appointment 26

27 MS Word & Excel: Shortcut Keys  Shift/F7Thesaurus  Control/ASelect All  Control/BBold  Control/IItalicize  Control/UUnderline  Control/PPrint Preview  Control/ZUndo 27

28 MS Excel: Shortcut Keys  Control/F9Minimize current window  Control/SpaceSelects entire column  Shift/SpaceSelects entire row  Control/Page UpMoves between tabs within Excel spreadsheet  Control/Page Down 28

29 MS Word: Shortcut Keys  Control/1Single space  Control/2Double space  Control/51.5 space  Control/F2Print Preview  Control/Shift/Increase Font Size  Control/Shift/FChange Font  Shift/F3uppercase→Uppercase→UPPERCASE→lowercase 29 hello – Hello – HELLO - hello

30  Plan for Quarter-end / Year-end Now  Review activities and processes  Know where to look for answers  Communicate internally and externally  Understand all actions that affect the W-2  Audit! Audit! Audit!  Be on the look out for what’s new  Life/Work balance


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