Be Ready for Year-End 2015
11/10/15 | 8:00AM | Posted by TEAM Software
Another year has come and (almost) gone. With a little over a month left in 2015, it’s important to be ready for 2016. We caught up with some TEAM experts who have a few tips to help with preparation.
- Make sure to have login and other information needed for the IRS and SSA
- Begin W-2 and 1099 preparation:
- Verify employee information—correct name, Social Security number and address
- Put in place additional information to add to the W-2, such as: Third Party Sick Pay, Company auto, etc.
- Identify 1099 vendors and ensure invoices are coded correctly
- Reconcile total of Federal and State Quarterly Reports to YTD Totals
- Identify Tax Rate Changes that go into effect as of January 1, 2016
- Update Tax tables in Payroll
- Update local tax rates and SUTA rates in Payroll Taxes
- Update Taxes and Insurance Type table in Job Master File with updated SUTA and WC rates
- Validate balances in Payroll Liability accounts
- Balance Accounts Receivable and Accounts Payable accounts to the General Ledger
- Complete bank reconciliation for all Cash Accounts
- Enter any necessary year-end Adjusting Journal Entries
- Perform year-end rollover in General Ledger to pull Balance Sheet balances forward
- Ensure that your company is prepared to comply with Affordable Care Act employer regulations in 2016
- Employers with 50 or more full-time employees will need to complete 1095-Cs by Jan. 31 for every full-time employee for the 2015 tax reporting year.
We’ll release the year-end update of our software around mid-December. We will send TEAM clients more information on that, along with the updated Year-End Guide, when it is available. This guide gives step-by-step information on rolling over tax tables, applying the tax update, creating W-2s and more. In addition, we’ll have more educational resources coming for our clients. Stay tuned for more information.