We’re turning the page on another great year here at Dominion Payroll! We’re projecting to issue 1,759,906 individual checks this year, an increase of 19% from last year. That equates to 48,924 payrolls run to date, $723,596,148 paid in taxes, and a whopping $1,661,407,649 electronically deposited right into employees’ bank accounts, which would be enough dollar bills to go around the planet a little over 6 times.
That’s…a lot. With that much money to account for, we could use your help to make sure all the t’s are crossed, all the i’s are dotted, and there’s nothing stopping us from another great year together!
Important Deadlines
We’re more flexible than some other payroll processors that, in the spirit of the holidays, we won’t name, but we do ask that you circle a few dates on your calendar. We’ll be closing on Christmas Day, and our last regular payroll of the year will be processed on December 27th, which falls on a Wednesday. (We will still be here to handle your bonus payroll runs, though!) To ensure enough time to record year-end adjustments to that last payroll, please notify Dominion Payroll by Friday, December 15th of any adjustments you might have, such as:
- Void and/or manual checks
- Third party sick payments
- Fringe benefits
- Year-end distributions
- Bonuses and other gifts
- Vendor 1099 payment recording
Remember to review all W2 exceptions (ask us how to run an exception report!) and enter all mailing address changes before that last payroll process of the year as well. Failure to do that could delay your W2 processing.
W2 Availability
We will begin shipping paper W2’s on Monday, January 8th, which should arrive at your offices no later than January 26th. The forms will arrive in a separate package clearly labeled “W2.” If your employees opted for paperless W2’s (see details), then those will be available online in Employee Self-Service (ESS) on Friday, January 12th. The IRS requires that you distribute W2s to your employees (by mail or in person) no later than January 31st. Remember, again, to check through the Client Reports in iSolved to verify that everything will run smoothly with your W2’s.
ACA Compliance
If your firm employed an average of 50 full-time employees over the course of the year, you’ll probably need to comply with the reporting standards of the Affordable Care Act (ACA). For new clients, you should have already informed us if you’re going to need ACA Reporting; if you have not, please contact us immediately at benefits@dominionpayroll.com. Your 1094 and 1095 forms must be electronically approved in iSolved by January 5th, 2018. Before then, you can audit your data in iSolved (including employment categories, medical coverage start and stop dates, and hire/termination dates) to make sure your ACA compliance goes smoothly.
Be Patient
Just a friendly reminder that UPS delivery times may be affected by volume at this time of year. Please process your payroll two business days prior to your pay date in order to ensure your payroll package, including any live checks, are delivered on time. If you are interested in going to paperless delivery (and why wouldn’t you be?), please contact us at customerservice@dominionpayroll.com.
More Information
Take a look at our year-end guides and webinar here. And, as always, contact us at customerservice@dominionpayroll.com with any questions you might have in your year-end processing. We look forward to celebrating many more years with you!