Rimini Street 2014 Year-End Tax Update

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1 Rimini Street 2014 Year-End Tax Update

2 Safe Harbor Statement This webinar was developed and presented by Rimini Street, Inc. ( Rimini Street ) and is not sponsored by, endorsed by, or affiliated with Oracle Corporation or any other party. Except as noted herein or required by law, the contents of the webinar and any documents associated with it are subject to the intellectual property rights of Rimini Street. This webinar and the documents associated with it may also contain proprietary or confidential information intended for disclosure only to the intended recipient, and accordingly the webinar contents and any documents associated with it shall not be reproduced, posted, adapted or redistributed directly or indirectly, in whole or in part, in any medium without the express written consent of Rimini Street. The information in this webinar is provided as is. Except as otherwise expressly provided in writing by Rimini Street, Rimini Street assumes no liability whatsoever and disclaims any express, implied or statutory warranty relating to the information presented or to Rimini Street s services, products, or inventions, including, without limitation, the implied warranty of merchantability, fitness for a particular purpose, or non-infringement. In no event shall Rimini Street be liable for any direct, indirect, consequential, punitive, special, or incidental damages (including, without limitation, damages for loss of profits, business interruption, or loss of information) arising out of the use or inability to use the information. Rimini Street makes no representations or warranties with respect to the accuracy or completeness of the contents of the information presented, and reserves the right to make changes to the information, services, products, or inventions contained herein at any time, without notice Rimini Street, Inc. All rights reserved. The Rimini Street word mark, logo, combinations thereof, and other marks are trademarks of Rimini Street, Inc. Oracle, PeopleSoft, JD Edwards, Siebel, Oracle E- Business Suite, Oracle Hyperion and Oracle Fusion are trademarks of Oracle Corporation. Other terms and product names may be trademarks of others. 2

3 Today s Hosts Frank Reneke Group Vice President, Corporate Strategy Rimini Street, Inc. Chad Kodet Vice President, Global PeopleSoft Delivery Rimini Street, Inc. 3

4 Agenda Introduction and Objective Rimini Street 2014 Year End Tax Updates Forms and Reports for 2014 Steps to Produce W-2 s Printing Issues Q&A 4

Your Panel Today Rimini Street Service Delivery

Nechole Whitlock Teresa Hintz Together, your team

5 Your Panel Today Rimini Street Service Delivery Anita Katzberg Chad Kodet Jai Ramachandran Nechole Whitlock Teresa Hintz Together, your team today has over 125 years of payroll experience and 141 collective year-end runs. Rimini Street Business Analysts Shelley Blackmarr Laurie Gardner Tim Pringle 5

6 Global Tax, Legal & Regulatory Scoping Process Applying a Comprehensive, ISO-Certified Methodology Ensures Compliance 6

Global Tax, Legal and Regulatory Product Development Our tax, legal and regulatory team scopes each applicable requirement by product line and module, including the impact of the change across all

7 Global Tax, Legal and Regulatory Product Development Our tax, legal and regulatory team scopes each applicable requirement by product line and module, including the impact of the change across all calculations, transactions and reports within your system. Rimini Street Automation Framework Tools As part of our ISO 9001:2008-certified methodology we have strict testing and quality assurance processes that we follow every step of the way to ensure that we deliver complete and accurate deliverables for each individual client. Each update package must be tailored to meet the unique client needs. 7

8 Session Objective This session will give you the high level steps you are required to perform to successfully run the 2014 W-2 s in PeopleSoft. 8

9 Rimini Street 2014 Year-End Tax Updates

10 How Do You Find RSI Tax Updates? Where are the Tax Updates Located? Client hosted: C:\RiminiStreetUpdates folder in your Rimini Street QA environment Cloud based: RiminiStreetUpdates folder in your Windstream FTP account If you are unable to locate the update, please reach out to your Primary Support Engineer 10

11 What is in the Update? Documentation RS14P05 Addendum Addresses updates to be delivered in future releases RS14P05 - Installation Instructions Step by Step instruction on how to apply RS14P05 RS14P05 - Notes Summary Details on items delivered along with rates and changes RS14P05 - Object Summary Objects Rimini Street Delivered in the update RS14P05 - PA Locals (If PA updates are delivered) Pennsylvania local rate changes RS14P05 - YE14US Reference Year-end Guide with details on how to run year-end processes Rate Updates (Federal, State and Local) for 2015 DMS Scripts for year-end data Potential code/object changes 11

12 What is the Tax Update Structure? Tax Update Structure Updates are specific to each of our clients versions and needs May not get every folder i.e. May not receive a COBOL update or an SQR update as updates are specific to each client s needs 12

13 W-2 Changes Since 2013 W-2 Form Updates There are no changes to the 2014 W-2 or W-2c layout from 2013 The instructions to the employee have some minor changes to language to make it easier to read but nothing of significance Instructions are on the IRS website Wage-and-Tax-Statement 13

14 Form W-2 Details W-2 Form Purpose Report Federal, State and Local annual earnings and taxes Before year-end processes. Verify wages and taxes are correct Verify employees have valid Social Security Numbers Verify proper W-2 forms are on hand and printers are tested Deadlines for W-2 To employee: February 2, 2015 Paper filers to SSA: March 2, 2015 Can file via paper if 249 or less employees Refer to page 6 Electronic filers to SSA: March 31,

15 2015 Legislative Changes 2015 Rates Item Maximum Amount for 2015 HSA Self only - $3,300 to $3,350, Family - $6,550 to $6,650 FSA Maximum contribution stays at $2,500 with Maximum carryover of $ (Does not affect $2,500 maximum contribution) Refer to RS14P05 Addendum.pdf for additional details 401K/403b/457 OASDI $18,000 (Was $17,500) If Over 50, Catch-up limit increase to 6,000 (From $5,500.00) $117,000 to $118,800 (ESTIMATED in Presidential Budget, but not yet confirmed. Effective: 01/01/2015) RSI will deliver this update when the legislation has been passed into law RSI 2015 Tax Schedule The 2015 delivery dates have not yet been finalized and will be included in your next regularly scheduled Bundle (December 1 st ) Updates expected for RS14P06 (1/1/2015 Effective Date) States that have confirmed Minimum Wage and UI Base Changes Indiana and Ohio Local Rate Changes 15

16 Forms and Reports for 2014

17 Year-End Form Setup RSI Supported Forms LPS4V LSR01 LSR02A LSR03 LSR03P 17

18 Year-End Form Setup by Release Navigations 8.0 & 8.3 Compensate Employees > Manage Annual Tax Reporting U.S. > Setup North American Payroll > Annual Processing > Define Annual Tax Reporting Payroll for North America > U.S. Annual Processing > Define Annual Tax Reporting Tax Form Identification Manually create 2014 Tax Form Definition and Tax Form Print parameters Configuration is company specific Configuration to map Earnings, Taxes & Deductions to each box on the W2 Tax Form Reports Tax Form Definition Report - TAX710 Tax Form Print Parameters Table TAX712 18

19 Year-End W-2 Company Beginning this tax year, 2014, the Social Security Administration is enforcing the adherence to the efw2 specifications, Publication No i.e. Location Address in RA record, position has been a required field since The SSA will now identify as an issue if no value is reported in this field. If your company address does not include (Suite, Room, Floor, and Building) enter an Attention: (Contact Name) in Address Line 1 and Street address in Address Line 2. PeopleSoft follows the United States Post Office Address Standard: All secondary address components should be entered immediately above the Delivery Address Line. TAX960FD.sqr is executed to create the W2 electronic file, W2REPORT, to be submitted to the SSA. The program logic will correctly report the following: Location Address Address Line 1 will be reported in RA record, posn , Length 22 characters Delivery Address Address Line 2 will be reported in RA record, posn , Length 22 characters 19

20 Year-End W-2 Company 20

21 Year End Processes To Be Run Optional Audit Reports TAX900 - Error Listing Error Listing Report to identify errors that must be resolved before proceeding with year-end processing. Report is run as many times as you would like You should plan to run the report, review errors, clean the errors and then run until the report is clean. 21

22 Year End Processes To Be Run Year End Processes Update W-2 Information TAX504: Update the Retirement Plan and Thirdparty Sick Pay check boxes in W-2 box 13 which inserts into FED_TAX_DATA. Year-end NYC Part Year Resident Allocation TAX909NY: Used to determine W-2 reportable wages for part-year New York City residents. Year-end Data Record Load - TAX910LD: Year-end Data Record Load to load data into year-end records 22

23 Year End Processes To Be Run Year End Processes YE Record Error Listing - TAX910ER: YE Record Error Listing to identify errors in year-end record data YE Data Audit TAX910AU: Year-End Data Audit report to create a listing of the amounts to be reported on employee W-2 forms W-2 Print - U.S./Territory Print TAX960US: Creation of the Employee W2 s for the United States 23

24 Year End Processes To Be Run Federal, State and Local Files W-2 Tax Totals TAX916ST: State W-2 Tax Totals W-2 Tax Totals TAX916LC: Local W-2 Tax Totals 24

25 Year End Processes To Be Run Federal, State and Local Files Federal (EF) TAX960FD: File EF-1 to create W2REPORT to submit Federal W-2 data electronically Federal Audit (EF) TAX962FD: Federal File Audit EF-1 to create audit report on the file created by TAX960FD State File (EF) TAX960ST: File EF-1 to create file to submit State W-2 data electronically State Audit (EF) TAX962ST:State File Audit EF-1 to create audit report on the file created by TAX960ST processes Local File (EF) TAX960LC: File EF-1 to create file to submit Local W-2 data electronically Local Audit (EF) TAX962LC: Local File Audit EF-1 to create audit report on the file created by TAX960LC processes 25

Year End Processes To Be Run Federal, State and Local Files W-3/W-3SS Transmittal Totals TAX915: W-3/W-3SS Transmittal Totals FUTA Wage Reconciliation report -- TAX940 Shows

26 Year End Processes To Be Run Federal, State and Local Files W-3/W-3SS Transmittal Totals TAX915: W-3/W-3SS Transmittal Totals FUTA Wage Reconciliation report -- TAX940 Shows totals of FUTA-exempt payments FUTA Wages by State report - RSI940A, Produces the Schedule A for Form 940 and shows the credit reduction per state where a reduction exists 26

27 Some Common Printing Issues Controlling W-2 Printing Refer to the RS14P05 - YE14US Reference.pdf for specific details on the W2 Printing items. Sections: Controlling W-2 Printing Positioning Starting Columns on Unsupported Forms Box 14 Lines allowed (Review yearend document for more details) Box 14 can only have 4 lines If it has > than 4 lines an additional W2 will be created. XMLP 9.0 and +, Need to create the Form setup online for XMLP Refer to the RS14P05 - YE14US Reference.pdf document in the XMLP section details 27

County of Kent, Michigan Best Practices Plan and Start Early Dedicate a Test Database Run W-2 Processes Early Gerry Yon Senior Application Support County of Kent Kent County runs early November Set

28 County of Kent, Michigan Best Practices Plan and Start Early Dedicate a Test Database Run W-2 Processes Early Gerry Yon Senior Application Support County of Kent Kent County runs early November Set Up W-2 Processes Kent County has spreadsheet checklist with timeline Ensure Enough Time for Testing Download AccuWage Software as soon as possible from SSA Tool to test TAX960FD output (W2REPORT) Wait Until February to Send to SSA In the event there are updates, you will not have to resubmit 28

2015 Reminders: Don t Forget to Update FLSA Calendars (Only if subject to FLSA) HCM 8.0 & 8.3 Compensate Employees > Manage Payroll Process (US) > Process > FLSA Calendar Period Creation HCM 8.8 & 9.

29 2015 Reminders: Don t Forget to Update FLSA Calendars (Only if subject to FLSA) HCM 8.0 & 8.3 Compensate Employees > Manage Payroll Process (US) > Process > FLSA Calendar Period Creation HCM 8.8 & 9.0 Set Up HRMS > Product Related > North American Payroll > Compensate and Earnings > Initial FLSA Calendars Update Time and Labor Calendars (Only if running T&L) HCM 8.0 & 8.3 Define Business Rules > Define Time & Labor > Process > Build Time Period Calendar HCM 8.8 & 9.0 Set Up HRMS > Product Related > Time and Labor > Time Periods > Build Time Period Calendar Create 2015 Payroll Calendars HCM 8.0 & 8.3 Compensate Employees > Manage Payroll Process (US) > Process > Pay Calendar Creation HCM 8.8, 9.0, 9.1 & 9.2 Set Up HRMS > Product Related > North American Payroll > Compensation and Earnings > Pay Calendar Table 29

30 2015 Reminders: Don t Forget to Server Maintenance Clear out old Log files Clean Report Repository for old stale reports Verify Backups are all running as expected 30

31 Questions & Answers

32 Thank You For Attending! Webinar Slides To request a copy of today s webinar slides or webinar related questions, please clientcommunity@riministreet.com Webinar Playback The recorded version of this webinar will be available shortly after this broadcast and you will receive an with the playback instructions. Tel: Intl:

JD Edwards EnterpriseOne US Payroll Year-End Processing Guide for 2009

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