January
From August Year-End Doc —→
The following Business processes should be started or in progress in the month of January.
❏ First Payroll of the Calendar Year Checklist
❏ Process W-2 Forms
❏ Process 1099-MISC Forms
The following business tasks have been identified for the month of January. Use the checklist to ensure that the tasks are addressed, if applicable.
❏ Complete the W-2 filing to the SSA by Jan 31.
❏ Complete 1099 filing to the IRS by Jan 31.
❏ Complete ACA 1095 reporting.
❏ Verify tax tables to IRS Circular E. After the last December payroll or prior to the first January payroll, upload the new tax tables.
❏ Verify access to Social Security and IRS sites for the calendar year-end reporting. Revise the unemployment rates and maximum wage limits as needed.
❏ Review the limits in payroll tax tables for Social Security and Medicare wages as published in IRS Circular E.
❏ Remind employees to file a new W-4 to claim exemption from withholding.
❏ Complete indirect cost rate application, if needed (note districts claiming SHARS/Medicaid reimb will usually need to do this)
❏ In odd years begin bank depository contract renewal or prepare for RFP or RFQ.
❏ Coordinate completion of audit for Aug 31 audit preparation (no later than Jan 28th)
- Review the audit draft, and pay particular attention to the items that impact FIRST rating such as: unmodified audit opinion, no material weaknesses in internal controls, no instances of noncompliance material to financial statements, and net assets is positive on Statement of Net Assets.
- Important dates report will be delivered to the school board.
- Verify whether the auditor or LEA will electronically submit the audit to TEA.
- Verify if the auditor will send to MAC if the LEA has outstanding bonds and if any other entities need to receive a copy of the audit (grant agencies, etc.).
- Publish the audit Statement of Revenues, Expenditures, and Changes in Fund Balances in the local newspaper.
- Post audit opening balances, if needed.
❏ Complete the PEIMS Mid-Year submission.
❏ Fiscal agents should send member districts 033 records to use in reviewing final prior year compliance with IDEA-B MOE.
❏ Complete the template estimate using first semester data. </div>