Tax Season Can Spur Employees to Make Changes

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Upcoming tax season means you must prepare W-2s and 1095-Cs for employeesEarly in the year, businesses begin to gather documents needed for the upcoming tax season. You need to supply employees with W-2s and the Affordable Care Act (ACA) IRS Form 1095-C. Once employees file their taxes in April, they may want to make some changes to withholdings. Employees that receive a nice refund or have to pay big may want to find a way to get closer to breaking even on their tax return. There’s an easier way to figure out how to reach a good balance without altering payroll details.

At the start of a busy year, your accounting team would rather get year-end reports completed and budgets positioned for the year, not pushing papers. However, companies are obligated to provide employees with their W-2 and, if you are an Applicable Large Employer, Form 1095-C. Preparing the documents isn’t much of a burden when using modern business management solutions such as an Affordable Care Act solution; however, it’s the printing and mailing that can become time-consuming. Your team can spend hours printing these documents, stuffing and addressing envelopes, and getting them in the mail. Replace this manual process with Employee E-Mail Suite and instead of pushing papers, you can click “send”. With the E-Mail Suite, you can email direct deposit earnings statements, W-2s, 1095-Cs, or other documents to your employees. Not only do you save time, your employees can have an encrypted Adobe PDF that they can access on any electronic device, smartphones included.

Once employees receive these documents and prepare tax returns, they may have another big decision to make. Whether they owe taxes or receive a refund, employees may want to make changes with withholdings or learn how changes to health insurance or other benefits could impact their paycheck. Instead of making changes to the master record, the Paycheck “What If” Calculator can be used to alter pay inputs or determine the gross-up amount of a bonus. In addition, if using the Microsoft Dynamics® GP Self Service features, employees can evaluate hypothetical calculations on their own, without interrupting your payroll or accounting team.

Tax season is a busy time of year and often spurs employees to ask questions or make changes. Streamline these busy times by deploying more efficient business management solutions. Contact Integrity Data to learn more about the Employee E-Mail Suite, Paycheck “What If” Calculator, and other powerful payroll and human resources solutions.

By Integrity Data, a Microsoft Dynamics GP ISV out of Illinois

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