Q3 Ends Soon: Are You Ready?

The third quarter ends on Friday, September 30th.

Here are 6 Tips to avoid any issues with your company’s quarterly tax filings.

TIP #1: PROCESS YOUR PAYROLL EARLY TO AVOID PENALTIES AND FEES.

At the end of each quarter, it’s critical that you close all open payrolls, particularly those with voids.

Remember: Any open payrolls that should be included in the third quarter of 2022 must be dated on or before Friday, September 30th, and processed on or before Wednesday, September 28th.

In case of emergency, payrolls and adjustments for the third quarter can be processed until October 3rd, 2022, for an additional fee.

To process payrolls and adjustments after Thursday, September 29th, 2022, you must contact Fingercheck immediately.

TIP #2: CONFIRM YOU HAVE ACCURATE SOCIAL SECURITY NUMBERS FOR YOUR EMPLOYEES. 

Check that all of the Social Security Numbers (SSNs) on your employee roster are correct. If any information is missing or incorrect, your filings might need to be amended. 

TIP #3: WHEN PROCESSING VOIDS, REVIEW YOUR CHECK DATES.

When voiding a check, make sure the “Check Date” (i.e., issue date) on the check is on or before the last business day of the fiscal quarter. If you haven’t completed any existing payroll runs in the current fiscal quarter, create a “Special Payroll” run for the last business day of the quarter and assign the voided check to the special payroll run entry.

Click here for instructions on how to create a Special Payroll.

TIP #4: ENSURE THAT YOU ARE AWARE OF HOW VOIDS (I.E., NEGATIVE PAYROLLS) AFFECT YOU.

If you process a payroll that results in a negative balance, like when voiding checks, Fingercheck will apply the resulting credit to your next tax liability, even if doing so requires Fingercheck to pay your state or federal tax authority for the expense. If this occurs, Fingercheck will charge your business for the expense during the first business week of the next fiscal quarter.

If you have processed a negative payroll, we always apply the full credit toward your next tax liability, even if the negative will cause a refund from the tax agency. We do this as most times all negatives clear themselves out by the end of the quarter. Due to this we sometimes lay out some funds, if this is the case, we will be drafting you sometimes without warning to recoup these monies this would be happening in the first week of the new quarter.

TIP #5: LOOK OUT FOR QUARTER-END VARIANCES.

There is a possibility of a “variance” at the end of each quarter. A variance is a situation in which the amount your business owes in taxes is more than what was drafted throughout the quarter.

Don’t be alarmed. Quarter-end variances are common, and they happen for a variety of reasons.

Fingercheck audits your firm’s payroll activity at the end of each quarter to help ensure that you do not have a Quarter-End Variance. If we find a discrepancy, we will notify you how much is owed and we will draft you so that we can make the proper payments.

We will draft your account to cover the unpaid variances in mid-October. Please ensure that the funds required to cover this expense are in your bank account by October 13th, 2022, or we will be unable to complete your filing.

TIP #6: DON’T DELAY, ASK AWAY!

We understand that quarter-end tax filings can be confusing. That is why we are here to help! If you have any questions about your quarterly tax filings (or any other HR issue), please contact our support team at any time:

• Phone: 1-800-610-9501
• Email: support@fingercheck.com
• Online: Reach us using the messaging feature in Fingercheck 

We hope this information will be helpful and as always, stay safe and healthy.