CHAPTER 7.2: 945 DOCUMENTATION
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1 What is a 945 account? CHAPTER 7.2: 945 DOCUMENTATION Just as a 941 account is set up to handle payroll, a 945 account is set up to handle all tax withholding for non payroll items such as: Pensions, annuities and IRA s Deferred compensation plan distributions (401 K, 403 B.) Gambling winnings *Advantage does not handle gambling winnings. (See ETC section of documentation) Backup withholding In order to process non payroll information a separate client number is established for the 945 account. (The client must be full or non tax filing, have an active payroll account established, and be in good credit standing.) The employer type field on Client Demo Header Screen 1 is coded with an X to indicate 945 account status. Employees who receive distributions from a retirement plan or a pension payout (lump sum or recurring payments) receive Form 1099 R at year end instead of a W2. What service options does Advantage offer? Advantage can make the 945 tax deposits, report the non payroll information to the IRS or State, and produce the 1099 R. The client can opt for Advantage to handle all, or a portion of this. As part of the set up process the client should complete the 945 Account Service Options Checklist. Depending on the level of service the client selects Tax, Payroll, or both departments may handle the 945 account. 945 Account Charges 945 Accounts that are run through payroll are not billed a separate fee. They are subject to the same base charges and per check charge as the payroll. A fee of $50.00 per quarter will be charged to 945 clients that are handled by the Tax Department. Fees will not be waived for no activity.
2 945 Accounts Just as a 941 account is set up to handle payroll, a 945 account is set up to handle all tax withholding for non payroll items such as: Pensions, annuities and IRA s Deferred compensation plan distributions (401 K, 403 B.) Gambling winnings *Advantage does not handle gambling winnings. (See ETC option) Backup withholding In order to process non payroll information a separate client number is established for the 945 account. (The client must be full or non tax filing, have an active payroll account established, and be in good credit standing.) Employees who receive distributions from a retirement plan or a pension payout (lump sum or recurring payments) receive Form 1099 R at year end instead of a W 2. What service options does Advantage offer? Advantage offers: 945 tax deposits Preparation and filing of Form 945 Preparation and filing of Form 1099 R The client may opt for Advantage to handle all 945 services or just one of the service options. As part of the set up process the client should complete the 945 Account Service Options Check List. Depending on who will provide the 1099 R at the end of the year determines which department will service the account s Prepared by Advantage 1099 s Prepared by Client Employee records will be set up by the payroll department and payroll runs processed All Form 1099-R s will default to distribution code 7 (Normal Distribution) unless a different distribution code is required. This information must be given to CSR at time of set up The 1099-R recipient is set up similar to an employee but with the following tax flags: Fica Flag = E Fit Flag = M or S **Except rollovers Sit Flag = M or S **Except rollovers Futa Flag = E SUI / SDI Flag = E WC Flag = E W-2 Code = R Pension = Y (if applicable) 1099 Dist Code (see Dist code section) No employee records are needed; Special Services Department will handle the account. The client will report 945 tax liabilities either paid by client or request payment by Advantage using the 945 Information Reporting Form. Form and instructions can be found in Section Three. After the Special Services Department processes the 945 information, an automatic CCD debit is sent to the client s bank account directly. This will allow the Special Services to collect the tax funds prior to the tax payment No 1099 R records need to be established.
3 Processing Fees 945 accounts that are processed through payroll are not billed a separate fee. They are subject to the same base charges and per check charge as the payroll. A $ per quarter fee is charged to 945 accounts that are handled by the Special Services Department. Fees will not be waived for inactivity. 945 Tax deposits only 945 tax deposits can also be made through our ETC (Electronic Tax Compliance) product. This option can be selected instead of a standard 945 account when the client elects to have Advantage only transmit the tax payment to the IRS. Even though Advantage does not handle gambling winnings because they are reported on a W 2 G form instead of a 1099 R, Advantage is able to make the 945 tax payment by setting up an ETC account, and the client can prepare the W 2 G for the employee themselves. ETC accounts do not need a separate client number; however a separate contract must be completed. Clients with 945 payments paid through ETC will be charged $75.00/year. Fees for inactivity are not waived. Contact the TaxPay Department in Henrietta, NY to set up an ETC account. 1 Shown at Branch Retail of $50.00; Associate Wholesales varies
4 Sample 945 As of September 09 the Internal Revenue Service has not released the 2009 version of this tax return.
5 945 Account Service Options Checklist Associate / Client #: Date: Client Name: Authorized Signature: Please circle the options that apply: 1. The following will be reported on Form 945: Federal Withholding Back-up Withholding *please list state State Withholding *please list state State Backup Withholding 2. Who will provide the 945 form at year-end? Client/Plan Administrator 3. Who will provide Form 1099-R at year end? Client/Plan Administrator 4. Who will be making deposits? Client/Plan Administrator 5. Who will file Form 945 with the IRS? Client/Plan Administrator 6. Who will file Form 1099-R to the IRS? Client/Plan Administrator 7. Who will file Form 1099-R to State Agency? Client/Plan Administrator
6 945 Information Reporting Form Back up and Pension Tax Withholding Fax to: Fax #: (207) ATTN: Pammi Hewins x or Casey Gile x Phone # (207) or (800) TODAY S DATE: CLIENT : CLIENT NAME: CONTACT PERSON FOR QUESTIONS: CONTACT PHONE #: REPORTING PERIOD: MONTH DATE YEAR RECORD OF CLIENT DEPOSITS: DATE OF DEPOSIT: Amount of FEDERAL Back Up Withholding: Amount of State of Back Up Withholding: Amount of FEDERAL Withholding (Pension/ IRA Distribution) Amount of State of Withholding (Pension/ IRA): TOTAL OF ALL DEPOSITS: ***Please provide a copy of receipts of deposits***
7 REQUEST FOR ADVANTAGE TO DEPOSIT: Amount of FEDERAL Back Up Withholding: Amount of State of Back Up Withholding: Amount of FEDERAL Withholding (Pension/ IRA Distribution) Amount of State of Withholding (Pension /IRA) TOTAL OF REQUESTED DEPOSITS: SIGNATURE OF AUTHORIZATION: TITLE: DATE:
8 How to use the 945 Information Reporting Form: All 945 tax liability is provided to the Special Services Department by the client via the 945 Information Reporting Form. Please note that 945 accounts handled by Payroll do not utilize this form. The form is divided into three sections: Client Information, Client payments, and Advantage payments. The liability date is crucial as it determines when the tax payment is due. As with all tax payments, penalties are assessed for late payment. All clients are required to complete the first Section, which provides basic client information and the date to which the tax liability should be posted. TODAY S DATE: CLIENT #: CLIENT NAME: CONTACT PERSON FOR QUESTIONS: CONTACT PHONE #: REPORTING PERIOD: MONTH DATE YEAR Some clients pay their own taxes and opt to have Advantage report only the tax information to the IRS or State agency. These clients will complete the second Section of the form, which lists the liability amounts to be reported and the date they were paid. RECORD OF CLIENT DEPOSITS: DATE OF DEPOSIT: Amount of FEDERAL Back-Up Withholding: Amount of State of Back-Up Withholding: Amount of FEDERAL Withholding (Pension/ IRA Distribution) Amount of State of Withholding (Pension/ IRA): TOTAL OF ALL DEPOSITS: ***Please provide a copy of receipts of deposits***
9 If a client is requesting Advantage to debit their account and pay the taxes, Section three is completed. This section lists the liability amounts to be reported and requires an authorized signature for the tax debit. REQUEST FOR ADVANTAGE TO DEPOSIT: Amount of FEDERAL Back-Up Withholding: Amount of State of Back-Up Withholding: Amount of FEDERAL Withholding (Pension/ IRA Distribution) Amount of State of Withholding (Pension /IRA) TOTAL OF REQUESTED DEPOSITS: SIGNATURE OF AUTHORIZATION: TITLE: DATE:
10 CHAPTER 7.7: SAMPLE FORMS Sample Forms Index Payroll & Tax Processing Agreement (Index pages 1 4) 8655 (Index pages 5 6) New York Power Of Attorney (Index pages 7 10) New Jersey Power Of Attorney (Index page 11) New Client Profile (Index pages 12 14) New Account Checklist (Index page 15) Proposal Page (Index page 16) 2012 W 4 (Index pages 17 21) I 9 (valid until 2012) (Index pages 22 23) New York IIT 2014 (Index pages 24 30) Direct Deposit Form (Index page 31) NY WTPA Forms (Index pages 32 37) Client Reactivation Form (Index page 37) Signature Scan Form (Index page 38) Logo Scan Form (Index page 39) 125 Client Enrollment Form (Index page40) Paid Time Off Form (Index pages 41 42) Promptax initial user (Index pages 43 48) Promptax existing user (Index pages 49 52) Swipeclock Forms (Index pages 53 58) New Account Missing Data Sheet (Index page 59) Welcome Letter (Index pages 60 64) Welcome Package (Index pages 65 75) New Client Cheat Sheet (Index page 76)
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