During the Tax Filing season, Niural will prompt you to complete certain tasks:
- Verify Accuracy: Ensure your 2024 tax information is accurate within our system.
- Update Team Information: Make necessary updates to employee and contractor details to ensure those who require W-2s and 1099s receive them accurately.
Sure, here are some categories of information that need confirmation before you can distribute tax forms to your team:
Team Members Verification
Go to the Payroll section and select Team. Ensure every current and former employee or contractor who received payments in the current year is added. Use the "Add a team member" option for anyone missing.
Reporting Payroll(s) outside of Niural
Ensure that any payrolls run outside Niural are reported to us. You can do this by reaching out to us through this link.
Contractor Payments
Double-check that all contractor payments made in 2024 are added to Niural.
Fringe Benefits Reporting
Add any fringe benefits provided to employees in 2024 to Niural. Examples include company car use, gym stipends, relocation reimbursements, etc. Add them by navigating to Custom Benefits from your Benefits section.
Retirement Deductions and Contributions
Ensure all employee 2024 retirement deductions and contributions are recorded in Niural.
Work Addresses Updates
Verify that employees' work addresses are up-to-date, especially for remote workers.
Reporting special compensation your employees received in 2024
- Relocation Expenses: Money provided to employees for relocating for work.
- Child and Dependent Care: Payments made to assist employees in caring for dependents.
- Allocated Tips: Additional tips paid to employees, separate from those on paystubs.
- Simple Employee Pensions (SEP): Separate pension contributions from regular benefits like IRA or 401(k).
- Untracked Health Insurance: If your company offers group health insurance with pre-tax contributions not set up in Niural.
- Non-Statutory Stock Options (NSOs): Income from exercising stock options that aren't incentive stock options (ISOs).
- Small Employer Health Reimbursement Arrangements (QSEHRA): Reimbursement for medical expenses outside of Niural (not administered by Niural).
- Third-Party Sick Pay: If a third party's sick policy was used to pay employees and requires reporting on payroll.
This information is crucial for accurate W-2 recording, even if it doesn't directly adjust reported wages and taxes.