Mid-Year Letter 2024
Here we are, approaching the halfway mark of 2024! Now is a great time to review employee demographics, state tax, and wage information to ensure accurate reporting and filing with no delays.
Wire your business for success in 2024
Here we are, approaching the halfway mark of 2024! Now is a great time to review employee demographics, state tax, and wage information to ensure accurate reporting and filing with no delays.
Upcoming Key Dates and MP Closures
- 6/19/2024 – Juneteenth – Federal Reserve and MP Holiday, offices closed
- 7/4/2024 – Independence Day – Federal Reserve and MP holiday, offices closed
- 9/2/2024 – Labor Day – Federal Reserve and MP holiday, offices closed
Audit Employee Information
Employee W-2 information must be correct, as the IRS may charge a penalty for filing W-2 forms with incorrect information. Comprehensively audit your employee records.
- Please verify the Social Security Number, name and address for each employee. The name must be exactly as it appears on the employee’s Social Security card.
- For your convenience, please use the following reports for verification purposes:
- Reports > Client Reports > Employee W2 Verification > Run report.
- Reports > Client Reports > Employee W2 Preview > Run report.
- For your convenience, please use the following reports for verification purposes:
- Any name, Social Security number, or address updates should be made immediately. Access your employee records and make corrections in iSolved as follows: Employee Management > Employee Maintenance > General. Please contact MP with details of the change so we can amend state and federal returns, as necessary.
Note: ITIN, FEIN or other ID numbers are not valid for wage reporting nor Form W-2. A missing or invalid Social Security Number could result in rejected quarterly state wage reporting in addition to all zeros being listed on Form W-2 in place of the SSN. This is the employer’s responsibility to update.
State Tax Registrations / ID Numbers
- Please review the Exceptions report for missing or invalid tax information via: Payroll Processing > Preview Payroll > Preview > Exceptions (from the dropdown)> Go. Please provide proof of assigned ID to MP or reach out for clarification on what is needed in order to ensure timely tax filing and payments for all jurisdictions.
- If you have a remote or hybrid workforce, it is important to ensure your work locations are set up appropriately for HR compliance and taxation purposes. This generally should be based upon where the employee is physically performing their work, however, please review your state-specific requirements or reach out to your HR Partner for further guidance.
Quarterly Adjustment Processing
Adjustments payrolls needed for prior quarters/years will incur fees of $150 per quarter plus $50 per hour. Report payroll changes and additions before the last day of each quarter’s end (June 30 for Quarter 2). Due to filing deadlines, adjustment payrolls will not be processed during the months listed below:
| April for Quarter 1 Filing | July for Quarter 2 Filing |
| October for Quarter 3 Filing | January for Quarter 4 Filing |
Take advantage of our simplified year-end forms process by opting out of receiving printed copies of W2s, 1099s, and 1095s! Contact your MP support representative to go paperless prior to year-end 2024!
