10/01/2020
Welcome to the October 2020 edition of The Payroll Factory Newsletter. Fall is here and before you know, it will be year end. At this time of the year, tax professionals such as yourself are scheduling time to meet with their business clients and individuals for tax planning. Part of the tax planning involves getting information on 3 items for the W-2. They include taxable fringe benefit for auto, S Corp health insurance and 3rd party sick pay.
A great suggestion would be to move the fiscal year of tracking auto fringe from 11/01 thru 10/31. This gives you and the client time to submit and advise the payroll company of the actual fringe on or before the last pay submission of the year.
The same can be said for the S Corp Health insurance and a recommendation of doing it on a per pay basis so it is one less thing to submit before year end. Regarding 3rd party sick pay, try to get as much as you can to the payroll company prior to end of year.
Does your client expect to have an additional payroll run prior to the end of the year? One of
the biggest recommendations is to tell the payroll company early on so they can build it in their system. Communication here is the key.
As always “whatever it takes,” I look forward to working with you, your associates and above all your clients. Thank you very much and have a great day.
Senior Account Relationship Manager
