Sherman Oaks Accounting And Bookkeeping powered by One Source Services, Inc. compiled some important information for QuickBooks Online Full Service Payroll users to help close-out 2017:
Check direct deposit deadline was Dec 27, 2017 at 3 pm PT
Be aware of the submission dates, especially around the holidays and end of the year, when you run payroll that includes direct deposit paychecks. The last day to submit direct deposit checks for 2017 was Wed Dec 27, 2017 at 3 pm PT. Contact us if you missed the deadline for your 2017 payroll or need to correct a paycheck from 2017.
Verify employee personal and payroll info, like mailing address and Social Security numbers
Invalid or missing employee information from 2017 can affect paychecks and forms you create in 2018. Be sure to check that your employee data is complete and accurate before the end of the year if possible.
Confirm your W-2 to TurboTax selection in your payroll account
As part of your payroll service, your employees’ W-2 info is automatically made available for their use with Intuit TurboTax. This QuickBooks Online Payroll Full Service feature is turned on for your company by default. To disable it, deselect the preference setting in your payroll account or contact us and we’ll do it for you.
Send us any tax notices you receive from your state agencies
Your state agency may or may not assign a new state unemployment (SUI) rate for the 2018 tax year. If you get a rate notice from the state, send it to us as soon as possible, preferably before your first payroll in 2018.
Have employees review and, if necessary, update withholding info
The new year is a good time for employees to review and update withholding info. Be sure to record any employee withholding changes in your payroll account any time your employee changes their state or federal withholding certificate (like their W-4).
Prepare and file 1099s
If you paid at least one contractor or vendor more than $600 in 2017, then you’ll probably need to file 1099-MISC forms with the IRS and give the completed forms to your contractor to use when they file their own tax returns. Contact us for help with this or we can do it for you.
W-2 and 1099-MISC Filing Deadlines
Federal W-2 filing deadline is January 31. This applies to both employee and agency copies, and both paper or electronic returns. Federal Form 1099-Misc filing deadline depends on whether or not you’re reporting amounts in Box 7: Non-employee Compensation. If yes, then the filing deadline is January 31. If no, then the deadline is February 28 for paper filings or April 2 for electronic filings. Contact us if you’d like help with this or we can do it for you.
Form W-3: Transmittal of wage and tax statements
The IRS requires most employers to file Forms W-2 and W-3 at the beginning of each year for the previous year. Form W-3 summarizes all of the W-2 forms you are submitting to the federal government. It’s a summary of the total wages, Social Security wages, federal income tax withheld, and FICA tax withheld during the year, and lists the quantity of W-2 forms being transmitted. QuickBooks Online automatically sends your W-3 information to the appropriate government agency, so you do not need to file a separate, printed Form W-3. Although they don’t send the actual form, they provide the necessary information that is acceptable to the agency.
Oregon required W-2 information insert
The State of Oregon requires that employers inform their employees of earned income credit options they may qualify for and include it with their W-2 forms. This information will not be included in the W-2s mailed out by Intuit. Below are links to the information that must be provided to employees:
- The IRS EITC information.
- The State of Oregon EITC information.