√ Check that your commercialis properly accumulating wages, depositing taxes and filing returns. Correct mistakes expeditiously and discuss the matter with the software company rep.
√ Remove partners from the payroll and remind them that they must pay quarterly estimated taxes. Also, remove them from any.
√ Request copies of your tax transcript to ensure that your payroll agent is withholding your taxes, remitting them to the IRS and filing Forms 941 on your behalf. Register to use the IRS’ suite of e-services at tinyurl.com/irstaxpros.
√ Check W-2 coding for employees’ pretax deferrals into retirement accounts.
√ Work with Accounts Payable to create a system for processing employee payments that are made outside the(e.g., business expense or moving expense reimbursements).
√ Audit paycard programs. Ensure that employees are participating voluntarily and that they have received all applicable disclosures.
√ Confirm that deduction codes forare correct; test on a manual check and then test through to a W-2.
√ Determine whether missing persons’ locators are effective in contacting former employees who are owed final paychecks or 401(k) distributions. Work with Benefits to refine the steps taken to locate missing employees.
√ Review accounts payable and payroll accounts for unclaimed payments; ensure that you properly document to which state escheated payments are made and when the escheatment occurred.
√ Discuss the status of IRS deficiency notices with the appropriate company official. Offer to help resolve the issue by having the proper documentation available.
√ Ensure that the company’s policy on paying accrued vacation to terminating employees is enforced consistently and complies with state law.