To Our Clients, Vendors, Partners and Friends
We are headed into a time of year that is often both celebratory and reflective — and here at Precision Payroll, we usually do a little bit of both.
As you take time to celebrate your accomplishments at the end of this year, know that we are celebrating with you! We have the pleasure of watching from the sidelines as our clients grow and succeed in new arenas.
As we reflect upon the year, we feel fortunate and grateful to work with such interesting, collaborative and appreciative clients.
We hope you can take time to enjoy friends and family over the holidays – this very special time of the year. Cheers to 2017, and we wish you all the joy and prosperity that 2018 has to offer!
At your service,
Tom Sodeika, CEO & President
& Your Payroll Team
Our annual Year-End Guide is being mailed to all clients, and is also available on our website. Please reference this document for important details and deadlines coming up as the 2017 year comes to a close. This includes:
- Client process deadlines
- Year-end checklist
- Holiday schedule
- Year-end maintenance details
- Tax documentation requirements
- Year-end payrolls and adjustments
- Year-end related fees
- Additional resources
- Year-end questionnaire
- ACA reporting
Your payroll specialist is always available to clarify information or answer any questions you may have.
ACA Reporting Reminder
The Affordable Care Act requires that employers with 50 or more full-time employees participate in reporting for the Affordable Care Act (ACA). All employers who self-insure for health care must also file, even if they have fewer than 50 employees. The deadlines (see below) are not expected to be extended this year.
Employers will need to report information to the IRS about the health care coverage offered to full-time employees using Forms 1094 and 1095. Employers must also distribute copies of Form 1095 to their full-time employees, which contains information they may need to report as part of their income tax submission for the 2017 tax year.
In order to meet the 2018 reporting deadlines, employers should already be compiling and analyzing data now to determine coverage and affordability.
Precision Payroll can assist you with these tasks. For further information about our ACA Reporting Services, please contact Tom Sodeika (firstname.lastname@example.org) or Kiran Waheed (email@example.com).
Important ACA Deadlines
- January 31, 2018: 1095-C forms delivered to employees
- February 28, 2018: Paper filing with IRS
- April 2, 2018: Electronic filing with IRS
Account Number Required to File Tax Returns
PPA encourages electronic filing
Electronic filing is now mandated by many states, and to file electronically, an account number is required.
Peggy Green, Precision's tax department manager, says that Precision will still file on paper if needed, though notes that some states will not even accept a paper return without an account number. “Everyone should really have an account number, as it is now required in every state,” says Green.
She adds that regardless of whether or not the state you are in mandates it, electronic filing is something everyone should consider.
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