IRS regulations and W-2 form reporting

Posted November 11, 2005 in Payroll, Tax Services and tagged .

Please note that we are approaching the end of the 2005 calendar year. IRS regulations require us to report on the W-2 forms and pay and/or withhold any appropriate employment taxes on certain benefits provided during the year, including (but not limited to) the following: gift certificates, tuition reductions, Long Term Disability payments, moving expenses, overpayments, voids and miscellaneous benefits. Any of such benefits provided to employees during the 2005 calendar year must be submitted to Payroll Accounting (411 Park) by December 9th in order to be processed for the final pay period of the year on December 15th. Benefit information submitted after this date may result in an incorrect W-2 and incorrect employment taxes for the year and subject the University to penalties. Such penalties will be passed on to the offending department.

If your department is planning on giving gift certificates during the holiday season, please submit information using the attached spreadsheet to Payroll Accounting by the December 9th deadline, or if this is not possible do not distribute the gift certificates until after January 1st, 2006. After completing this form please email it to: Ying He Email.

Gift certificates given to employees after December 9th and before January 1st will incur a $12 processing fee per certificate in recognition of the manual adjustments required to correct the payroll tax records.

If your department finds it necessary to provide an employee recognition award after December 9th and before January 1st, please consider awarding tangible personal property with a de minimis value (under $75.) Such type of award is not required to be reported on the W-2 nor is subject to payroll withholding. For more information see https://fbs.admin.utah.edu/tax-services/. If you are holding any checks for void or overpayments to be processed, please send to the Payroll Office (420 Wakara) immediately.

Thank you for your immediate attention to this matter.

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AP is Moving

Posted November 4, 2005 in Accounts Payable.

Accounts Payable will be moving to 145 Park on Monday, November 7. This move should take one day. Documents will be accepted on Monday and processed on Tuesday at the latest. Next day checks will be processed as ordered.

This is an update of the Departments on the move post.

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Turn-Around PAN’s

Posted November 3, 2005 in Payroll and tagged .

Whenever PAN data changes for one of the employees in your home department, a “Turn-Around” PAN form is printed and mailed. This process occurs each pay period throughout the fiscal year.

Home Departments may now request to not receive this print. Many departments prefer to view the PAN form using the “View PAN Form” WEB application. If you would like to take advantage of this, please email the payroll office at Matthew Morris Email. Please make sure you provide your home department number.

Fiscal Year PAN forms will continue to be printed and distributed at the beginning of each fiscal year.

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Eliminating Budgets on Preliminary Project Information Sheets (Bucksheets)

Posted October 28, 2005 in Grants and Contracts Accounting and tagged .

Preliminary Project Information Sheets (better known as Preliminary Bucksheets) will no longer contain budgets. The Preliminary Bucksheet will create the project and the departments will be able to spend within the assigned dates without a budget. When the award is received from the funding agency, a bucksheet will then post the total awarded budget to the project.

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CO and JE Document Images

Posted October 26, 2005 in Accounts Payable, Financial Reporting and Accounting, Financial Services Technical Support, Grants and Contracts Accounting and tagged .

A new feature is now available on the Management Reports. Images of General Journal Entries delivered to Financial Reporting & Accounting for input (Src = GA), Campus Orders (Src = CO) , and Thermidor Journals (Src = THM) are now viewable from the Journal Detail portion of Management Reports. On the Journal Detail page an icon Spyglass has been added in the middle of each transaction line. Clicking on that icon will produce the image of the document referenced on that transaction line.

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Move of Credit Union deduction to direct deposit

Posted September 23, 2005 in Payroll and tagged .

Effective the September 22nd paycheck, the Universty of Utah Credit Union deduction switched to a direct deposit.

What employees should notice on their pay stub is in the After-Tax Deductions area, the U of U CU deduction will no longer have a “Current Amount”. The Year-to-Date amount will continue to print until the end of the calendar year.

The Credit Union direct deposit account and amount will appear in the “Direct Deposit Distribution” area on the pay stub. This box is located next to the employee’s name on the bottom right corner of the pay stub. Here is where the employee can verify that the correct amount of their deduction is now being sent as a direct deposit to their account.

If you have any questions, please contact the Payroll Department at 581-7873.

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Credit Union Deduction Conversion

Posted September 14, 2005 in Payroll and tagged .

In August we sent out a notification to all employees that have a University of Utah Credit Union Deduction. This has now been converted to a Direct Deposit to the Credit Union. The only difference the employees will see is the cosmetic difference on their advices.

Please ask the employees in your department that had a Credit Union Deduction to use the employee self service on the CIS and view their new direct deposit information. They will be able to verify that the change is what they expected. If they have any questions please have them email email or contact me directly at 585-9181.

Thank you for your cooperation and patience,
Jessica Brown
Payroll Department

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Mileage Rate Increase

Posted September 13, 2005 in Travel and tagged .

The IRS has raised the mileage rate in response to the current gas prices. The increased rate of 48.5 cents will be reimbursed for all travel claims that occurred on or after September 1, 2005. This rate will remain at 48.5 cents through the end of the year.

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Separate Checks

Posted September 8, 2005 in Accounts Payable.

As Check Requests are vouchered into PeopleSoft, the voucher is scheduled for payment based upon pre-existing settings from the Vendor and the AP Business Unit tables. PeopleSoft, like any other enterprise accounting system, takes on the perspective that it should create one check for each unique vendor for all currently due vouchers. We have the option on the voucher to select “Separate Payment.” This means that the system will generate one check for that voucher and will not include any other vouchers (regardless of when they are due) on that check. If you require a separate check for an insurance payment, licensing fee, conference registration, subscription, or similarly unique situations where you expect to pick up and mail the check with accompanying documentation, boldly write ‘SEPARATE CHECK’ in the Purpose space of the check request.

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Airfare Costs Guidelines

Posted September 8, 2005 in Financial Services, Travel.

We have released guidelines to assist departments in making appropriate airfare reservations.

Airfare costs should not exceed state contracted fares to any destination or connection city where the contract fares are available. Departments will be provided with contracted fares when registering a trip online. Guideline will be enforced beginning October 1, with any airfare booked after that date.

Please refer to the following memorandum from Jeff West.

https://fbs.admin.utah.edu/download/guidelines/airfareguidelinessignedmemo2.pdf

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