Time to Prep for Year’s End

As magical as this season is for some, it’s time to remember all the little financial details involved in year-end accounting. Weeks are whizzing by and getting W-2’s together is a task you can no longer put off.
Year's End Planning 2015 640

Items to Consider

It is important that you report your taxable non-cash fringe benefits before or during the last payroll of 2015. If you are unsure as to whether non-cash fringe benefits are applicable, please consult your accounting department or accountant. If these taxable fringe benefits are not included with a regular payroll, the employer is required to pay the employee FICA tax in addition to the normal employer FICA tax.

The most common examples of non-cash fringe benefits are:

  • Personal use of company auto
  • Excess group term life insurance premiums
  • Third party sick pay
  • Sub-S owner health insurance premiums
  • Moving expenses (both taxable and non-taxable)

Examples of other items to consider before W-2 processing:

Box 13 check boxes.
1. Pension plan
2. Statutory employee

2015 Non-Cash Benefits W2 Processing Hold

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