2014 Year-End Client Letter & Reminders

Dear PBS clients,

The end of 2014 is fast approaching, and we would like to take this opportunity to thank you for allowing Payroll & Benefit Solutions to serve your payroll and payroll tax needs over the past year.  We now offer additional services in HR and benefits and look forward to talking with you about how PBS can assist you in those areas.

We wish to remind you that all information that is to be reflected or included in the 2014 payroll tax returns and the employee W-2 forms should be reported by your last payroll in 2014. The payroll Check Date (pay date) will determine to which tax year a payroll is posted. Therefore, your last payroll of 2014 should have checks dated on or before Wednesday, December 31, 2014. Any payroll closed after December 31, 2014, but dated 12/31/14, will incur additional charges above your normal payroll processing fees and could produce adverse tax implications.

The following items must be reported to PBS by Wednesday, December 24th, 2014:

*The Affordable Care Act requires employers filing 250 or more W2s from the previous year to report the cost of coverage of the employer sponsored group health plan.

If we do not receive information on the above items from you, then we will assume these items are not applicable to your company.

Supplemental Bonus Payroll

Should you run a supplemental bonus payroll which exceeds your normal payroll amount, PBS may request a wire transfer deposit to fund that bonus run. If the tax liability exceeds $100,000, a wire transfer will be mandatory.

W-2 Forms

Take special notice to ensure that you have correct Social Security Numbers on all of your employees. Contact your PBS Representative if you have questions or need assistance with anything pertaining to the W2 process. If there are any adjustments that need to be made after the W2 cutoff, we can accommodate them; however there will be additional charges for this service. W2 forms will be delivered in bulk to your company for distribution. If you would like PBS to mail your W2 forms directly to your employees then please notify your PBS representative.

1099 Forms

If you have independent contractors that were paid through our payroll system in 2014, PBS will automatically prepare Form 1099-MISC. If your independent contractors were not paid through our payroll system, we can still prepare and file the 1099 forms for you, if the information is received by January 12, 2015. Simply provide us with the contractor’s name, federal ID Number, address and amount paid and we will include the 1099’s in your year-end package.

2015 Federal and State Filing Requirements

Any IRS and/or state agency mailings to you in reference to filing requirements should be sent directly to PBS. These notices are sent directly to you and we rely on you to forward them to us for implementation of any changes. This includes SUI tax rate changes and local agency reporting booklets, as well. Note that your company will be responsible for any penalties and interest that may occur for non-compliance.

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