WEGNER PAYROLL GROUP NEWSLETTER - NOVEMBER 2015
The November 2015newsletter focuses on reminders for the many upcoming deadlines
including acommitment deadline for ACA Reporting Services offered to Wegner Payroll
Groupclients, deadline changes related to upcoming holidays, and regular Wegner
Payroll Group department deadlines.
Our goals are toprovide our payroll clients with high value, reliable services and to
continueto inform you of available service options and new offerings to assist you.
Affordable Care Act(ACA) & Employer Reporting Responsibilities
To be able to provide adequate service to
our clients, commitments for ACA
reporting services need to be made no
later than Thursday, December 3, at
5:00 p.m. to ensure staff availability and
an adequate supply of forms to complete
the necessary services.
If your organization is an applicable large
employer (ALE), either as an individual
company or as a member of an
aggregated employer group, your efforts
to
comply
with
your
reporting
responsibilities
should
already
be
underway. Whether you work with the
Wegner Payroll Group or another resource
available to you, click on the link below for
the information to collect for meeting the
February 1, 2016 deadline.
ACA reporting services available to
Wegner Payroll Group clients include:
Data
gathering
fillable
forms
provided to clients for collecting
relevant data.
Preparation of Form 1095-C
Electronic filing of Forms 1095-C
and Form 1094-C
Employee copies of Form 1095-C
mailed directly to employees
Putting your best efforts into complying
with your ACA reporting responsibilities
this year will place you in the best position
for requesting penalty waivers if mistakes
are made. Failure to file/provide correct
information is subject to penalties of $250
per form (maximum of $3.0 million per
year).
ACA REPORTING INFORMATION
If you have any questions about the ACA reporting servicesavailable through
Wegner Payroll Group and the related pricing, pleasecontact Paula Glaser before
Thursday,December 3, 2015.
Wegner Payroll GroupDeadlines & Related Banking Deadlines
The Wegner Payroll Group is a volume
processing payroll service provider which
requires adherence to deadlines to meet
the needs of all clients. The deadline for
processing direct deposit payroll is 2:00
p.m. a minimum of two business banking
days prior to the payroll check date. The
deadline for processing payroll without any
direct deposit is 2:00 p.m. one business
banking day prior to check date.
These deadlines are necessary for the Wegner Payroll Group to meet the needs of all of
our clients. Payroll information received after the 2:00 p.m. deadline is subject to an
expediting fee and cannot be guaranteed for the requested payroll check date.
Please keep in mind that federally observed holidays of Thanksgiving Day, Christmas
Day, and New Year’s Day require an additional day for processing since banks and ACH
service processors are closed for business these days.
Cafeteria Plans UnderSection 125 of the IRS Code
The following information is meant to providean awareness of the need for written plan
documents. Clients should work withtheir insurance brokers/advisors or contact Paula
Glaser for a referral to an advisor.
Premium Only Plans: A premium only plan is the most basic type ofSection 125 plan
available and allows employees to pay their portions ofinsurance premiums on a pre-tax
basis. Written Qualified Plan documents arerequired to deduct employee portions of
insurance premiums on a pre-tax basis.
MedicalOpt-Out Plans: If an employer givesemployees a choice between health care
coverage and taxable cash, it must bedone through a Section 125 plan document to
avoid taxation of the value ofhealth care benefits. Before offering ahealth plan cash-out
option, employers should consult with their advisors toconfirm that the arrangement
complies with applicable laws and medicalinsurance contract terms.
IRS Required Notice
Please be aware that as an employer, you are responsible for thetimely filing of employment tax returns and the timely
payment of tax paymentsfor your employees, even though you may have authorized a third party to filereturns and make
the tax payments on your behalf.
The Internal Revenue Service recommends that you enroll in the U.S.Treasury Department's Electronic Federal Tax
Payment System (EFTPS) to monitoryour account and ensure that timely tax payments are being made for you. You may
enroll in EFTPS online at www.eftps.govor call(800)-555-4477. State tax authorities generally offer similar means toverify
tax payments. Please contact the appropriate tax agencies directly fordetails.
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