Crush year-end tax filing stress!

It’s hard to believe we’re in Q4, isn’t it?  And while it’s still early in the quarter, we wanted to remind you to keep an eye on your upcoming tax deadlines.

When year-end approaches, it is critical that you review the following checklist to make sure that you have provided Fingercheck with the information we need to handle your year-end tax filings correctly. 

If you’re looking for your quarterly and year-end forms, this article might be helpful. Or if you need details about when W-2s are sent, take a look at this article.  If you’re looking for details about year-end filings, then read on. 🚀

Year-End Checklist

Please review each item. Remember, we generate your company’s payroll forms based on the data provided to Fingercheck.

Review each employee’s demographic information:
The employee details in Fingercheck will be reflected on their tax forms. Please make sure that the employee information you have is current, and: 

• Doublecheck Social Security Numbers
• Names
• Addresses (We recommend using the Google address link to ensure the address is correct)

Add any unreported terminated employees:

If you have any terminated employees, be sure to include them on your year-to-date forms. 

Enter all employees’ earnings that were not processed through Fingercheck 

Did you offer a cash or check bonus or supplemental income for the current year? Add that into Fingercheck, so we can make sure these earnings are reported and taxed appropriately. 

Report fringe benefits and imputed income

Fringe benefits or imputed income include any nonmonetary compensation given to employees. Think about group term life insurance, personal use of a company car, fitness memberships, gifts, gift cards, or other miscellaneous items.

If you gave such benefits, these must be properly taxed and reported on W-2s. To add fringe benefits, you’ll need to process them as a calculate-only earning in one of your payrolls before year-end. Here’s how. 

Health Insurance for S-Corp owners of 2% and above

If you have any company-paid health insurance for any S-Corp shareholders owning 2% or more of the company, it must be accurately taxed and reported. Please make sure to collect the totals of all the supplemental income and health insurance premium payments for the current year for each of these owners to be correctly recorded.

Review 1099 classifications

You can classify a contractor as 1099-NEC, 1099M, or 1099R. Double-check to make sure each contractor has the correct 1099 classification. Fingercheck’s system only supports 1099-NEC, so will generate those forms on your behalf. You can then file those along with the rest of your company’s 1099s.

Third-party sick pay

Enter any third-party sick pay into the system so the earnings are correctly taxed and reported. If you offer your employees a private disability policy, we need to know about this so it can be reported on your employees’ W-2s. 

Dependent care benefits

If you provided dependent care benefits, we need to know your company’s contribution. These figures must be reported. These amounts will appear in Box 10 of the W-2. If these were not taken out weekly, clients should input those amounts. If you’re unsure how to do that, contact support

Tips

Do your employees receive tips? You can track those through Fingercheck. If you haven’t kept track, please make sure to add tips to Fingercheck before the year ends to tax these wages and adequately report them on the W-2.

Employer-sponsored health care for companies of 250+ employees

If you offer employer-sponsored health care and have over 250 employees, you will need to report the cost of healthcare (nontaxable wages). See this link to learn how you can set up a memo deduction type and select “employer-sponsored health coverage.” 

ACA

Any company that has more than 50 full-time employees in the preceding calendar year must offer health insurance. 

There is an additional IRS filing requirement that shows compliance on your behalf. At Fingercheck, we are happy to file this for you for a fee.

If you haven’t taken care of this form yet, please act now and contact support@fingercheck.com no later than Monday, December 18, so we can get this ready and filed in time.

Making your business life easier

By reviewing this checklist and making sure you’ve supplied us with up-to-date, accurate and required information, you know your business will transition into the new year without any headaches. 

Do you have questions?  When you log into Fingercheck, you have several options for assistance. You’ll see the blue Fingercheck Service Desk bell icon on the right side of your screen. Click that and from there you will see the best ways to reach us:

• Ask Fingercheck’s 24/7 Virtual Assistant
• Visit our Knowledge Base
• Chat in-app
• Call us directly at 800-610-9501
• Email us at support@fingercheck.com

Our customer support hours are Monday through Thursday 9 a.m. to 7 p.m. and Friday 9 a.m. to 5 p.m. ET.

At Fingercheck, we simplify your small business management, so you can stop making lists and start making plans. It’s not too late to join the Fingercheck family.