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Year-end Overview OSPS 2009 Year-end Mini-conference

Year-end Overview OSPS 2009 Year-end Mini-conference. Presented by: Katherine Bremser Date: October 19, 2009. Year-end Process. Closeout current benefit and tax year Prepare for new benefit and tax year. Goals for Year-end. Ensure that the employee receives: Correct pay and benefits

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Year-end Overview OSPS 2009 Year-end Mini-conference

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  1. Year-end OverviewOSPS 2009 Year-end Mini-conference Presented by: Katherine Bremser Date: October 19, 2009

  2. Year-end Process • Closeout current benefit and tax year • Prepare for new benefit and tax year

  3. Goals for Year-end • Ensure that the employee receives: • Correct pay and benefits • Correct W-2 • Ensure that OSPS • Reports and pays the correct amount to vendors and taxing / assessing entities • Ensure that the state • Has few corrected W-2’s

  4. Several Processes • 2009 Charitable Fund Drive • 2010 PEBB Open Enrollment • 2010 Governor’s Food Drive • 2009 Taxes

  5. Charitable Fund Drive • Before 10/26/09, OSPS will outdate 2008 on-going deductions, effective 11/30/09 • E460-04-01 List of In/outdated Deductions • Set-up OSPA for 2009 fund drive • Outdate all codes but Q5NN • On 11/17/09 load file for new deductions, effective 12/31/09

  6. PEBB Open Enrollment • Outdates for 2009: • 10/01/09 • Dependent certification • Domestic Partners as Tax Dependents • 12/31/09 • All medical plans • FSA’s • Employee changes • 01/01/10 • Optional life age band changes • 11/14/09 – OE file to OSPA

  7. DP’s as Tax Dependents • PDB deleted Domestic Partner Certification for Dependent Tax Status prior to open enrollment • Employee must give P/R a new certificate for 2010 • Enter in PDB • PDB will interface alpha plan code • PDB requestable report for IRS dependents

  8. DP Not Tax Dependent • Prior to 10/26/09, OSPS will outdate the DPT/DPN entries on the P050 • E820-1 Gross Pay Adjustments Outdated • E820-2 Gross Pay Adjustments Beginning after Outdate • E820-3 Duplicate Gross Pay Adjustments • PDB requestable report for DP’s and children with imputed value

  9. 2010 Governor’s Food Drive • Before 1/23/10, OSPS will outdate on-going 2009 Food Drive deductions effective 2/28/10 • E560-04-01 List of In/Outdated Deductions report

  10. Taxes • W-2’s for employees who received pay in 2009 • 1099-MISC for beneficiaries of deceased employees

  11. Timing for Tax Years • The employee’s taxable income includes anything received by December 31, 2009 (constructive receipt) • November paid December 1 = last regular payroll run for 2009 • Use P010 FINAL CHECK dates to put payments made in December in 2009 tax year

  12. Timing for Tax Years • 2009 Income includes • Final pay and leave pay-offs for employees separating on or before 12/31/09 • Overpayments not repaid by 12/31/09 • Fringe benefits received during the year • December paychecks cashed prior to 1/1/10

  13. General Deadlines • 12/9/09, November Run 2: • Last date for months prior to November to: • Set P010 dates • Set correctives • Request check reversals • Last date to make 2009 cash payments to employees without setting P010 final check dates

  14. General Deadlines Cont’d • 12/31/09, last date for 2009 to: • Pay-off leave balances for employees who separated in 2009 • Accept repayments for 2009 overpayments • Request manual checks for employees with net pay positive adjustments • ACH stops and reversals to process normally

  15. General Deadlines Cont’d • 01/11/10, December run 2, last date for 2009 to: • Request check reversals or cancellations • Enter non-cash expense reimbursements or fringe benefits • Correct negative YTD amounts

  16. General Deadlines Cont’d • 01/11/10 Cont’d – Last date to: • Request P060 adjustments for separated employees with net pay positive adjustments • Record 2009 return of overpayment • Correct payments from the B850-01 Nov or Dec Pay Reported in Two Tax Years

  17. December Separations • If paid by December 31, put in 2009 tax year with P010 Check Dates • Watch for maximum amounts: • Social security - $106,800 • OSGP - $16,500 • FSA’s - $5,000 • SVNN - $5,000 per primary owner • Between 12/28 and 12/31/09 can reverse check or ACH and reissue

  18. Separations Before December • Adjust / pay-off any remaining leave balances by 12/31/09 • E492 Terminated Employees Having Leave Balances • Adjust / pay-off net pay positives • E357-030 Separated Employees with Net Pay Positive Adj

  19. Transfers • Do not set P010 dates for December transfers

  20. W-2’s • Will use address from the PPDB • Remind employees to update HR records • Produced by 1/21/10 • E381-20-2 W-2 Distribution List • If transfer does not receive W-2, check with other agency • Distributed by 1/31/10

  21. W-2’s Cont’d • If XREF68N Employees with Negative Amounts Listed has YTD negative, employee will not receive W-2

  22. Deceased Employees • 11/23/09 ANNLDEC Deceased Employees – Agency Summary Report • Make sure all 2009 deceased employees are on the report • Make sure there are no employees who should not be on the report • IRS Form W-9 for estate and/or beneficiaries due by 1/4/10

  23. 1099-MISC • 01/31/10 = deadline to distribute 1099-MISC to payees of deceased employees’ final wages • 1099-MISC if: • Payee receives ≥$600.00 • Domestic partner insurance and • ≥ 80 paid regular hours in final month • DPT ≥$600.00 • Back-up withholding (28%) for any payee, regardless of amount

  24. SSN / EIN Verification • When we file the 1099-MISC report, SSA compares SSN or EIN reported to the name in their file • If they do not match, they return the form to us • $50.00 penalty to specific agency for each one that does not match • Payee cannot get back-up withholding refunded without a match

  25. Foreign Nationals • 01/04/10 = deadline for submitting: • OSPS Form 99.01 • IRS Form 8233 or W-9 if exempt from withholding • Non-resident aliens have different withholding requirements • The 99.01 will help ensure correct withholding and happy employees

  26. Forms for New Tax Year • New W-5 due by 1/4/10 • New W-4 for tax exemption due 2/15/10

  27. What Questions do you have? A Happy New Year!

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