The end of the first quarter is Friday, March 31. We thought you might be interested in a few tips for success when it comes to 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 included in the first quarter of 2023 must be dated on or before Friday, March 31, and processed on or before Wednesday, March 29.
In an emergency, payrolls and adjustments for the first quarter can be processed until April 4, for an additional fee.
To process payrolls and adjustments after Thursday, March 30, you must contact Fingercheck immediately.
TIP #2: CONFIRM YOU HAVE ACCURATE SOCIAL SECURITY NUMBERS FOR YOUR EMPLOYEES.
Check that all Social Security Numbers (SSNs) on your employee roster are correct. Your filings might need to be amended if any information is missing or incorrect.
TIP #3: WHEN PROCESSING VOIDS, REVIEW YOUR CHECK DATES.
When voiding a check, ensure 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 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 because, most of the time, negative balances 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 draft you — sometimes without warning — to recoup these monies. This will happen 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 exceeds 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 13, 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’s why we are here to help! If you have any questions about your quarterly tax filings (or any other HR issue), please get in touch with our support team at any time:
- Phone: 1-800-610-9501
- Email: firstname.lastname@example.org
- Online: Reach us using the messaging feature in Fingercheck
We hope this information will be helpful. And as always, stay safe and healthy.