The first quarter ends on Thursday, March 31st.
As this date approaches, review the tips below to avoid any issues with your company’s quarterly tax filings.
TIP #1: AVOID PENALTIES AND FEES, PROCESS YOUR PAYROLL EARLY.
At the end of each quarter, it’s critical that you close all open payrolls, particularly those with voids.
When you do so, please remember that any open payrolls that should be counted for the first quarter of 2022 must be dated on or before Thursday, March 31st, and processed on or before Tuesday, March 29th.
In case of emergency, payrolls and adjustments for the first quarter can be processed until Monday, April 4th, 2022 for an additional fee.
To process payrolls and adjustments after Tuesday, March 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 on your firm’s tax forms is missing or incorrect, your filings will 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 firm for expense and you will be charged for this expense during the first business week of the next fiscal quarter.
TIP #5: LOOKOUT FOR QUARTER-END VARIANCES.
There is a possibility of a “variance” at the end of each quarter – a situation in which the amount(s) your business owes in taxes and the amount(s) a business pays towards said taxes do not match.
Don’t be alarmed. Quarter-end variances are common, and they can happen for a variety of reasons.
Fingercheck audits your firm’s payroll activity via the Fingercheck app at the end of each quarter to help ensure that you do not have a Quarter-End Variance and are not overpaying or underpaying your firm’s taxes.
If Fingercheck discovers a discrepancy in your quarterly tax filings that will result in your company owing money to your local, state, or federal tax authority, we will notify you before the draft date to let you know how much is owed and where it will be paid.
Drafts for any unpaid amounts will be made automatically on April 14th or 15th, 2022.
Please ensure that the funds required to cover this expense are in your bank account by April 14th, 2022, or we will be unable to complete your filing.
TIP #6: OUTSIDE OF NEW YORK? PLEASE SEND US YOUR UNEMPLOYMENT RATES.
Please upload your unemployment rates to the Fingercheck app if your company has locations outside of New York state.
You can do so by completing the steps in the following guide: How to Send Notices to Fingercheck.
TIP #7: DON’T DELAY, ASK AWAY!
We understand that Quarter-End tax filings can be confusing. That is why we are here to help!
As always, 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: email@example.com,
- Online: Via the messaging feature in the Fingercheck app.