KOI Financial Policies and Procedures: Difference between revisions
JoshFreese (talk | contribs) →Payroll Filings 940 and 941: Added in substance to the 940 and 941 filing sections. |
JoshFreese (talk | contribs) →Federal – Internal Revenue Service: Added in extra content regarding w2s and 1099s. |
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=== Payroll Procedures === | === Payroll Procedures === | ||
== Compliance, Audits, and Government Filings == | == Compliance, Audits, and Government Filings == | ||
KOI will retain copies of every compliant, audit, and/or government filing and keep it organized in case there are any need to refer to past filings. | |||
=== Federal – Internal Revenue Service === | === Federal – Internal Revenue Service === | ||
==== Annual Filings - 990 ==== | ==== Annual Filings - 990 ==== | ||
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If it works better for KOI, a deposit system can be used to keep on top of the payroll liabilities through the quarter. | If it works better for KOI, a deposit system can be used to keep on top of the payroll liabilities through the quarter. | ||
==== Annual W-2's and W-3s ==== | |||
If there were payroll in a calendar year, the W-2s and W-3s are due at the end of January of the following year. The W-3 will contain the aggregate information for all of the boxes of the W-2s filed for the year. Ideally, this is filed electronically. | |||
==== Annual 1099's and 1096's ==== | |||
If there are payments to Non-employee contractors (individuals, sole proprietorship) or Single member LLC's, KOI must collect a W-9 from said vendor if the aggregate amounts paid for the year meet, exceed, or will exceed $600.00. KOI will then file the 1099's by the end of January following the year, along with a 1096 that will consolidate all of the payments of the 1099s. | |||
=== Washington State – Secretary of State === | === Washington State – Secretary of State === | ||