tips for preparing and processing payroll for year -end · welcome and introduction • year-end...

Tips for Preparing and ProcessingPayroll for Year-End

Tom Franz

11/20/2019

Agenda

• Welcome and introduction• Year-end schedule overview• Review year-end payroll changes• Review standard order of payroll tasks• Troubleshoot year-end discrepancies• New W-4 Examples• Q&A / Links to helpful information

Welcome and introduction

Your presenter

Tom FranzDirector of Client Servicestfranz@integrity-data.com(217) 689-4658Follow me on Twitter @TomFranzCPP

Integrity Data overview

Providing solutions to GP customers since 2000• Reliable Software• Expert Services• Top-Notch Support

Original authors of • Core Payroll Extensions• Advanced Payroll• Advanced Human Resources• PTO Manager• Benefit Self Service

MICROSOFT DYNAMICS GP

PARTNER20 YEARS!

Important upcoming dates

November 18th: GP 2015, 2016 & Oct. 2019 Release year-end update

The GP 2018 update will include the Oct. 2019 Release!Late December: 2020 Round 1 tax table updateMid-January: 2020 Round 2 tax update (details not yet available)January 31, 2020:

W-2s, EFW21099s1095-Cs to employees

March 31, 2020: ACA E-filing deadline to IRS

GP 2018 New HRP Features• RTM

• Turn off garnishment reports in posting setup• Roll down payroll setup options from setup to inactive records• Change department code in all payroll files, including history• Restrict inactive Deduction and Benefit codes in lookups• Reprint Distribution Detail and Summary reports.• Advanced Human Resource Wellness and Health Insurance Integration

• R2• Start/End Dates for Pay Codes• Deduction/Benefit Group Maximum• FICA totals on the Check Register

https://community.dynamics.com/gp/b/dynamicsgp/

Oct 2019 New HRP Features• Deduction & Benefit Mass Assignment• PIP Voucher Edit List Report• PIP - Remit to Address in Payroll Vendor Setup• Ability to Exclude Additional Withholding in Payroll

• Year-End Release includes new W-4 support• Changes to the Employee Tax Maintenance window• New withholding statuses• Changes to the federal tax calculation

• Upgrade Blog Series• Dynamics GP and Year-End Update Upgrade Planning - Let's Get Started

From Terry Heley

• This is the product team blog site that talks about all the features and had some feature of the dayhttps://community.dynamics.com/gp/b/gpteamblog

• This is the landing area for the release with lots of linkshttps://community.dynamics.com/gp/b/dynamicsgp/posts/microsoft-dynamics-gp-2018-r3-new-feature-blog-series-schedule

Review year-end payroll changes

Year-end update changes

Dynamics GP 2018: Oct. 2019 release is included in the year-end release

Dynamics GP 2015, 2016, 2018• No W-2 or W-3 Form changes• No ACA changes

– Reminder: Microsoft WILL NOT support ACA e-filing for 2019 reporting• Print W-2 on blank paper: GP 2016 R2 & Later Only

Tax table updates (subject to change)(Target release date Mid-December 2019)

• FICA Social Security limit $137,700• States changes: TBD

Don’t apply this update until afteryour last payroll of 2019!

Tax table updates

Review standard order of payroll tasks

Year-end checklist

Get the latest 2019 tax tables (Do this now!) Install the year-end update Create the year-end file as a test Verify W-2 and 1099-R information Remove year-end file Complete all pay runs for 2019Make a backup Create the year-end fileMake a backupNote: You can start processing 2020 payrolls once you have created the Year-end file (Backup! & get new tax tables first!)

Verify W-2 and 1099-R information Print / e-mail* the W-2/W-3 Create electronic W-2* Print the 1099-R/1096 Archive inactive employees (HR)** Setup 2020 fiscal periods Close 2019 fiscal periods** Update 2020 payroll tax tables Start processing 2020 payrolls*W-2 Only /**Optional

Email W-2s to your employees!If you’ve licensed Employee E-mail

Suite from Integrity Data

Year-end checklist

Other year-end tasks

Benefit Self Service checklist

Benefit Self Service year-end process Create future effective benefits Open enrollment period Review enrollments Complete final pay of 2019 Activate future effective benefits Post enrollments Review benefits Begin processing 2020 payrolls

Integrity Data products checklist

Other items (perform prior to first 2020 pay run)Employee Accounts & Splits / FTE Manager Copy employee positions

Enhanced Retirement Plans Change retirement catch-up contribution limit 2019 401(k), incl. Roth 401(k): $6,500 on amounts over $19,500 2019 SIMPLE IRA Catch-Up: $6,500 on amounts over $13,500 2019 Roth IRA: $1,000 on amounts over $6,500 2019 403(b): $6,500 on amounts over $57,000 (or 100% of includable compensation) Review shared maximums

Life Insurance Tax Calculator Verify IRS rates (no changes)

Other items (perform prior to first 2020 pay run)Employee E-Mail Suite *IF YOU ARE NOT ON AT LEAST OUR MID-YEAR RELESE

Install the year-end update prior to sending out your W-2s to ensure your employees get the correct form

Comprehensive Leave Manager / PTO Manager Apply carry over limits Create lump sum posting dates (year-end wage work file) If upgrading to Oct. 2019, ensure you upgrade your Integrity Data products to Oct.

Integrity Data products checklist

Determine ALE Status for 2020Measure Part Time Employees for Eligibility Offer coverage to 2020 eligible employees Generate 1095-C for 2019 eligible employees Get Started Early – Do this in December! Distribute to employees by 1/31/2020

Generate 1094-C for each EIN File by mail with IRS by 2/28/2020 E-File with IRS by 3/31/2020

ACA Year-end checklist

Integrity Data ACA Year-endAffordable Care Act solution changes

2020 Year-end Update Coming in early December!

Troubleshoot year-end discrepancies

Troubleshooting year-end issuesReconciling the 941 > W-2s > Payroll Summary

• Problem areas– Manual checks / adjustments– TSA changes on deductions– Business expense pay codes (report as wages)– Failed / interrupted payroll postings

• Table information– Payroll Check History (UPR30100)– Payroll Transaction History (UPR30300)– Employee Summary (UPR00900/UPR00901)– Payroll Tax Liabilities (UPR30200)

• Perform quarterly with 941 filing

Links to helpful information

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Save the date!

PAYROLL TAX FILINGTUESDAY, FEBRUARY 25

1:30 PM CST

Payroll User Group

In our Payroll User Group, we hold quarterly meetings to help you stay up to date and connected with other Payroll users in the Microsoft Dynamics GP community on topics related to:• Payroll• Dynamics GP Payroll• Integrity Data News

Go to www.integrity-data.com/pug to join!

Helpful information

Information from Microsoft• Download links

– Microsoft Dynamics GP 2018 Customersource– Microsoft Dynamics GP 2016 Customersource– Microsoft Dynamics GP 2015 Customersource

• Microsoft Dynamics GP Directory– This page offers easy access to Microsoft Dynamics GP resources. This page

is intended to provide a consolidated view of relevant documentation, videos, solutions to known issues, links to related resources, as well as community sites for implementing Microsoft Dynamics GP.

Helpful information• Microsoft Dynamics GP blog:

https://community.dynamics.com/product/gp/gptechnical/b/dynamicsgp/default.aspx

• Microsoft Dynamics community: https://community.dynamics.com/

• Microsoft Dynamics support:https://mbs.microsoft.com/support/newstart.aspx

• Integrity Data blog: Prepare for Payroll Year End

Helpful information

Microsoft KB articles• Year-end closing procedures for Microsoft Dynamics GP Payroll • Incorrect calculations on the Payroll 941 Quarterly Summary Report in Microsoft

Dynamics GP • Correcting differences between federal wages in Form 941 and in the Payroll

Summary report in Microsoft Dynamics GP

Contact your Microsoft partnerGPUG community boards

Helpful informationKey points to remember:Year-end wage file Held in UPR10100-UPR10107 tables Year-end wage report Edit and print W-2s Create W-2 electronic file (W200005, W200006)

Prior to processing pay runs in New Year Install Payroll Tax Update Round 1

– Microsoft Dynamics GP >> Maintenance >> U.S. Payroll Updates >> Check for Payroll Tax Updates

– Downloads & Updates >> Tax Updates (manual)

Helpful information

Helpful documents, numbers, sites and articles:• Downloads and updates >> Tax updates• U.S. Year End Update.pdf• W-2 Wage and Tax Statement Data Source.pdf• Tax forms: 800-432-1281 www.microsoftbusinesschecks.com• IRS forms and publications: http://www.irs.gov/formspubs/index.html• Accuwage for electronic file verification

http://www.ssa.gov/employer/accuwage/index.html• KB Article 850663 Year-end closing procedures for Microsoft

Dynamics GP Payroll http://support.microsoft.com/kb/850663

Let’s talk about the W-4

11/20/2019

New W-4 for 2020

Why the change? Tax Cuts & Jobs Act of 2017

– Eliminated personal “exemptions”– Doubled the standard deduction– Increased child tax credits– Eliminated &/or restricted several itemized

deductions– SALT (State & Local Tax)– Mortgage Interest– Charitable Contributions– Other Deductions (e.g. Unreimbursed

employee expenses & Tax prep fees)

W-4 for 2020 – Common Questions• What’s Pub. 15-T?

• No more “Circular E” Section 17?• Are employees required to complete new form?

• No

• Can employers require employees to complete a new form?• Yes

• Will Federal W/H change if the employee does not complete a new W-4 for 2020?• Yes, but no more so than in years past due to tax table changes

• Are these changes final?• Almost – some minor tweaks due end of November for W-4 / December for 15-T

• What’s the Withholding estimator?• Used by taxpayers with more “complicated” tax situations (webinar coming from IRS)

New W-4 for 2020 – “Old” form

New W-4 for 2020• No more exemptions

(aka “allowances”)• “Multiple Jobs” = Higher tax tables• Line 3: “Dependents” credit• Line 4a: “Other Income”• Line 4b: “Deductions”• How do I file “Exempt” or

or “NRA” (Nonresident Alien)?

W-4 Example Scenarios

Window before the year-end update is applied

Window after the year-end update is applied

Have the employee use thewithholding estimator and provide

a form with “extra withholding.”

Tom FranzDirector of Client Servicestfranz@integrity-data.com(217) 689-4658Follow me on Twitter @TomFranzCPP

www.integrity-data.com @IntegrityData

Thank You!

www.integrity-data.com Twitter @IntegrityData

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