The home stretch…
Once again the end of the year is almost here. We realize how busy a workday can get and how the time can just get away from all of us, especially at year-end. Everyone at Balance Point will work with you to make sure that your needs are met during this busy year-end season. In anticipation of the hectic time, Balance Point will be extending our hours on 12/23 & 12/30 until 6:00 PM with our processing cutoff pushed back to 5:30 PM. We hope that this will allow you to complete all of your year-end payroll tasks in a timely manner.
- We will be providing our Social Security Verification service at no cost again this year. The verification process assists employers with the burden of performing their due diligence in the ever changing landscape of properly identifying their employees.
- A pre file copy of your employee W-2s will be emailed to you, provided you are setup to receive your tax returns via email. Copies will be emailed out for review as soon as you have processed your last scheduled payroll of the year. Please take the time to carefully review the information as soon as possible and report any changes to us to ensure timely and accurate filing. This service will also be provided free of charge, provided you are set to receive your tax returns via email.
- We are able to offer various printing order options for your W-2s. Please click here to indicate your desired sort order or to request additional copies. If alphabetically by company is your desired option, there is no need to reply.
- Many year-end payrolls include large distributions, bonuses or commissions, etc. As a reminder, we may request a wire for any payroll 20% larger than your 6 month average.
Navigating the Affordable Care Act
How does this affect your business?
Continuing in 2014, if an employer issues greater than 250 W-2’s, you will be required to report the employer portion of coverage on employee W-2’s. If we have not been tracking this information for the current year, please contact your representative to discuss the best options to collect the coverage amounts.
Starting in 2015, employers who have 100 or more Full Time Employees and/or Full Time Equivalent (FTE) employees, are required to offer health care coverage to full-time employees. Failure to comply with this may result in penalty. Employers of 50 or more will be subject to penalty for non-compliance in 2016.
How can Balance Point help?
We will be providing you with the following reports to assist in determining your best course of action:
ACA Full Time Employee Report – to help determine full time employees.
ACA Eligible Analysis Report – to help determine when new hires become eligible.
ACA Rule of Parity report – to help manage re-hires/terminated employees.
We will also be filing the IRS forms 1095 (b/c) or 1094 (b/c) if you have provided your benefit information.
Additionally, we have tools available to help in tracking the employer provided portion of coverage throughout the year.
What do you need to provide Balance Point?
All that is needed are current monthly benefit tables, provided by your healthcare provider. For your convenience, we have created a direct import template which will be added to your report library.
Need More Information?
SingularityTM—Balance Point’s Data Sharing Philosophy
We see ourselves as a critical part of your Accounting, Insurance, Retirement and HR Infrastructure. We’ll work with your other providers to make your life easier. Our job is to make sure the power of your data serves everyone involved in running your business the right way. For instance, if your 401(k) provider needs custom reports, we’ll build them for you. We thrive on special requests!
2014 FUTA Credit Reduction
Due to high unemployment rates over the last few years, many states took loans from the Federal government to continue to pay unemployment benefits after unem- ployment insurance funds became insolvent. Eight states have not repaid those loans by the November 10th deadline and will lose the full Federal Unemployment Tax (FUTA) Credit for 2014. Each year a state has an outstanding loan, the Federal government reduces the FUTA Tax by a factor of .3%, or an additional liability of $21.00 per employee. See the chart below provided by The United States Depart- ment of Labor for detailed information on your state.
|State||Credit Reduction||Amount Per EE|
Clients Using Our Tax Service
Please report any payroll changes for the fourth quarter before your year-end cutoff date. This is the date you process a payroll with a January 2015 check date, or December 31st, whichever is earlier. We may request a wire of funds for any payroll processed after the 31st of December with a 2014 check date. If you have any concerns about this, please contact your representative as soon as possible for a more detailed explanation. If you have not already done so, you must report the following before your cutoff date:
- Any payroll checks which you issued in-house.
- Any payroll checks which you voided and reissued for a different amount or voided and did not reissue.
- Any fringe benefits or other items with tax implications that were not reported through- out the year.
- Any tax information you received from a third party for sick pay/disability paid to your employees. In most instances the IRS does allow for tax payments to be made late if they are related to third party sick pay benefits. We strongly recommend that you report all third party infor- mation as soon as it is received. Additionally, please send over any year-end reconciliation as soon as possible.
Note: If you expect to receive third party sick pay (disability payment information) from a third party payer after your cutoff date, please let us know.
Reports Now Available Via WorkspaceTM
Holiday Processing Schedule
The Balance Point Help Center is now live, and chock full of useful information such as:
- Video how–to clips demonstrating common payroll functions in both Evolution and Payroll Anywhere
- Custom and standard reports
- Time & Labor management support
- And much more!
Registration is simple, secure, and free- just click the link below to get started!