Volume 2, Issue 1

October 2013

Year End Preparation For 2013

Holiday & Courier Schedules

Be sure to schedule all those important holidays & year end dates coming up!

Upcoming Federal Reserve Banking Holidays (No Direct Deposit)

Veterans Day November 11 *Thanksgiving Day November 28 *Christmas Day December 25 *New Years Day January 1 Martin Luther King Day January 20

Holiday Schedule: INSIDE THIS ISSUE:

Holiday Schedule Year Year-End Checklist 1 1 Thanksgiving November 28 November 29 3 3 3 4 Christmas December 24 December 25 New Years December 31 January 1 Closed Closed Please make note on your calendars, our schedule for this upcoming holiday season:

Courier Schedule:
Thanksgiving Tuesday November 26 Wednesday November 27 Christmas Open till noon Tuesday December 24 Closed Thursday December 26 New Years Open till noon Tuesday December 31 Closed Thursday January 2

Delivery During Holidays:

*Overnight carriers will not be operating on these holidays. If you choose to use an overnight carrier, the payroll will be delivered the next business day after the legal holiday. Ask your specialist about alternate delivery options.

Tax Notices / Account Changes 2 Year Year-End Deadlines Employee Information Verification Required Employee Notices Important Notes Did You Know? 2

TIME SAVING OPTIONS!

Expedited quarter and year end forms
If youd like your forms to be expedited contact our payroll department by December 27.
(Additional Charges Apply)

Year End Checklist

Review Holiday Schedule

any other taxable fringe benefits etc.

November 2013: Notify all employees to review their W4 forms (Refer Identify your last payroll for 2013 and first payroll to Employee Notices Section on page 3) for 2014 Schedule a time for year January 15, 2014: end adjustments for R & A Waite, Inc. will mail such items as third party sick out expedited W2s by this pay, allocated tips, wage date corrections, year end bonuses, relocation expenses, group January 22, 2014: term life, personal use of R & A Waite, Inc. will mail company cars, additional out 4th quarter & Year end manual checks, voided checks, reports by this date

January 31, 2014: Distribute employee W2s / 1099s by this date January 31, 2014: File quarter and year end forms by this date

W2s mailed directly to employees

If you prefer to have us mail your W2s directly to your employees contact our payroll department by December 27.
(Additional Charges Apply)

R & A Waite, Inc. will file your W2 & W3 information electronically to the SSA.

TAX NOTICES / ACCOUNT CHANGES

IRS Tax Deposit Notices:
Typically towards the end of the year, IRS will mail to businesses Notice 931 Deposit Requirements for Employment Taxes, if there is a change.

State Unemployment Rate Notices:

Also between February and March of the new year New York State DOL Unemployment Division will mail each business a Tax Rate Notice for the year.

Account Changes:
Please notify your payroll specialist at least 5 days prior to your next payroll if making changes to your payroll account such as EIN changes, contact updates, address changes, bank account changes etc.

Important: Please notify your payroll

specialist and send a copy as well.

Important: Please notify your payroll

specialist and send a copy as well.

Where to send notices:

Mail: R & A Waite, Inc. 18 North Perry Street Johnstown, NY 12095 Email: payroll@rawaiteinc.com Fax: 518-762-7449

Include your client number and name on all correspondences.

YEAR END DEADLINES

December
Payroll Adjustments All adjustments for 2013 should be called in on or before your last payroll for the year. Adjustments may include: Manual / Void Checks Year End Bonuses Third Party Sick Pay Allocated Tips Auto Allowances / Personal use of Company Car

December 27
Year End Report Handling If you prefer expedited mailing of your 4th quarter and year end reports, please let us know by this date. If you want us to mail your W2s directly to your employees, please let us know by this date. Employee Corrections Please submit any employee changes found during the employee verification steps. If no corrections are turned in, we will assume your W2s will be ready to print.

January 22
Fourth quarter and year end reports will be distributed by this date.

January 31
Distribute W2s / 1099s to employees. If applicable, file 940 / 941 / 943 / 944 and state reports.

Great Information Online: Visit our website for valuable resources such as required employee forms, timekeeping solutions and employee back ground screenings.

December 23
Year End Holdout Notification If you know ahead of time that you will need us to delay the printing of your 4th quarter or year end reports, please let us know by this date.

January
Year End Report Distribution

January 15
Expedited year end reports will be sent out by this date.

WWW.RAWAITEINC.COM

EMPLOYEE INFORMATION VERIFICATION

November 18 We will begin distributing the Company Data Letters & Employee Data Reports to each employer. Please use these forms to review the following information: Employee Name Employee SSN Employee Address An employees W2 wages are posted to their social security accounts based on the information provided. Any variance between Social Security Card and the above should be corrected with us as soon as possible. Advise employees during November and December to compare their paycheck data to their Social Security Card and report any discrepancies to you. If an employees name is different from their SSN card because of marriage, divorce or legal action, they must apply for a new SSN Card using the SS-5 form. Only after receiving the new card should you alter their records.

Need Assistance?
As a free service offered to our clients, we can print a special company memo on all checks & direct deposit vouchers to assist in notifying employees. Contact our payroll department at 518-762-9298 and request a company check memo.

REQUIRED EMPLOYEE NOTICES

December 1 IRS Form W4 Notice Deadline
IRS Regulations require employers to remind their employees to file a new 2014 W4 form, IF: Filing Status (Single / Married) Number of Allowances Exempt Status has changed since their last filing of their W4. This reminder should be done by December 1st. Note: A claim of exempt status withholding February 1NYS Form Notice and is effective for one year and a new W4 atAcknowledgement of Pay Rate and testing to continued exempt status must be Payday filed to you by February 15th. If this type of employee fails to do so, you must withNew York State Labor Laws require hold as if the employee is Single / 0 employers complete, as applicable, Form LS 54, LS 56 and LS 57 for all employees by February 1st.

Download these forms and many more from our website WWW.RAWAITEINC.COM

These forms have to be signed by the employees and each employee must be given a copy. Employers are responsible for maintaining the original form for 6 years.

IMPORTANT NOTES
Account Balances
for a nominal charge. copies of W2s to employees who have lost or destroyed their original copy of the form or simply want an extra copy. You may not charge for supplying an original or corrected form.

For on-time preparation of your 4th quarter Feel free to make copies of the request and year end reports, be sure your account form found with this newsletter. For each duplicate W2 needed, fill one of these balance is current. forms out and fax or mail the request to our Duplicate W2 Requests office. If an employee loses or misplaces their Under IRS Service Center Advice, employers original W2, we can reprint a duplicate W2 may collect a fee for supplying duplicate

DID YOU KNOW?

New York Minimum Wage

The current minimum wage in New York is $7.25 per hour, which is the federal minimum wage. However, the minimum wage in New York increases from $7.25 per hour to $9.00 per hour over three years starting at the end of 2013. Scheduled increases include: $8.00 - December 31, 2013 $8.75 - December 31, 2014 $9.00 - December 31, 2015 The legislation was approved by the NYS Legislature on March 29, 2013. Workers who receive tips are paid under a different minimum wage structure in NY. The minimum wage for workers who receive tips is currently $4.90 per hour for resort hotel workers, $5 per hour for food service workers, $5.50 for car wash workers, and $5.65 per hour for other service employees. If tips aren't sufficient to reach minimum wage, the employer is required to pay the minimum wage for tipped employees, which is not currently scheduled to increase, but will be addressed in the future. Alison Doyle, About.com Guide Updated April 02, 2013

IRS Summertime Tax Tip 2013-26, August 30, 2013

Are you thinking about taxes while youre enjoying the warm summer months? Not likely! But the IRS wants you to know that scammers ARE thinking about taxes and ways to dupe you out of your money. Tax scams can happen anytime of the year, not just during tax season. Three common year-round scams are identity theft, phishing and return preparer fraud. These schemes are on the top of the IRSs Dirty Dozen list of scams this year. Theyre illegal and can lead to significant penalties and interest, even criminal prosecution. Heres more information about these scams that every taxpayer should know.

Phishing. Scam artists use phishing to trick unsuspecting victims into revealing personal or financial information. Phishing scammers may pose as the IRS and send bogus emails, set up phony websites or make phone calls. These contacts usually offer a fictitious refund or threaten an audit or investigation to lure victims into revealing personal information. Phishers then use the information they obtain to steal the victims identity, access their bank accounts and credit cards or apply for loans. The IRS does not initiate contact with taxpayers by email to request personal or financial information. Please forward suspicious scams to the IRS at phising@irs.gov. You can also visit IRS.gov and select the link Reporting Phishingat the bottom of the page. Return Preparer Fraud. Most tax professionals file honest and accurate returns for their clients. However, some dishonest tax return preparers skim a portion of the clients refund or charge inflated fees for tax preparation. Some try to attract new clients by promising refunds that are too good to be true. Choose carefully when hiring an individual or firm to prepare your return. All paid tax preparers must sign the return they prepare and enter their IRS Preparer Tax Identification Number (PTIN). The IRS created a webpage to assist taxpayers when choosing a tax preparer. It includes red flags to look for and information on how and when to make a complaint. Visit www.irs.gov/chooseataxpro. IRS.GOV 28-Aug-2013

Identity Theft. Tax fraud by identity theft tops this years Dirty Dozen list. Identity thieves use personal information, such as your name, Social Security number or other identifying information without your permission to commit fraud or other crimes. An identity thief may also use another persons identity to fraudulently file a tax return and claim a refund. The IRS has a special identity protection page on IRS.gov dedicated to identity theft issues. It has helpful links to information, such as how victims can contact the IRS Identity Theft Protection Specialized Unit, and how you can protect yourself against identity theft.

We make payday a happy day!