PAYROLL
OMES will have W-2 forms, 1099 forms, and 1095
CDs ready for release on Jan. 16, 2018, beginning at 10 a.m. through Thursday
Jan. 18, 2018, at 3 p.m. Agencies will pick up the forms from our
location at 5005 N Lincoln Blvd., Suite 100. You may park in front
of our building in the visitor parking which faces Lincoln Boulevard. As you
enter the building, you must sign in at the Central Purchasing
reception area. Once signed in, a team member will direct you to the room where
the forms will be distributed.
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The following are terms frequently used for different types of
W-2s based on when the form is completed.
Original W-2: Form W-2 that was originally issued to an employee
by Jan. 31.
Reissued W-2: Original Form W-2 reissued to an employee when an
original form is lost, misplaced, not received, etc. Write ‘REISSUED STATEMENT”
on the employee’s new copies. A reissued W-2 can be produced at any time
because the data is not being changed. The form can include a “reissue date”.
Corrected W-2: Used to correct the original W-2 when an error has
been discovered before OMES submits the file to the Social Security Administration
(SSA). “CORRECTED” must be written on the employee’s new copies. The form can
include a “corrected date”.
NOTE: Corrected W-2 forms must be delivered to OMES by Jan. 25, 2018.
Please send the original W-2, a copy of the corrected form and a letter
explaining why the correction is needed.
W-2C: Used to adjust the original W-2 (or corrected W-2)
information when an error has been discovered after OMES has submitted the file
to the SSA.
NOTE: W-2Cs must be submitted to OMES as soon as completed and will be
filed with the SSA. Please provide an explanation of the changes from the
original W-2.
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Corrected W-2 forms must be delivered to OMES by Jan. 25, 2018, in
order for the corrections to be in the submission file. The IRS has
accelerated the requirements for reporting W-2 information. The due date for
submission of Form W-2 information to the Social Security Administration is
Jan. 31, 2018.
Please send the original W-2, a copy of the corrected form, and a
memo explaining why the correction is needed. If the correction is due to
a statutory canceled warrant which is not to be replaced, please also send a
letter asking that the warrant not be replaced.
Note: Because a warrant has been canceled by statute is not a reason
for such a W-2 correction. If it was a valid payroll payment, the
employee is still entitled to a replacement warrant; therefore, the W-2
reporting is proper.
Any correction needed after this date should still be sent to OMES
as a W-2C for us to notify the SSA. This will ensure reporting is as
accurate and complete as possible.
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Corrected 1099-MISC forms must be delivered to OMES by Jan. 25,
2018, in order for the corrections to be in the submission file. The IRS
has accelerated the requirements for reporting 1099-MISC information. The
due date for submission of Form 1099-Misc information to the IRS is Jan. 31,
2018. Please send the original form, a copy of the corrected form, and a memo
explaining why the correction is needed. Any corrections needed after this date
should still be sent to OMES for us to notify the IRS. This will ensure
reporting is as accurate and complete as possible.
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Corrections for Form 1095-C must be submitted to OMES/HCM Division
by Feb. 23, 2018. Please send the original form, a copy of the corrected
form, and a memo explaining why the correction is needed. Please send
corrections to the attention of: Kristin Elsenbeck, Human Resources
Coordinator, 405-521-6030. Any corrections needed after this date should still
be sent to OMES for us to notify the IRS. This will ensure reporting is
as accurate and complete as possible.
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Employee payroll tax withholdings are not authorized to be
refunded to an employee once withheld from their payroll. Refunds will not be
given for those employees who did not submit a W-4 in time for payroll
processing. All agencies should have a deadline for employees to submit W-4
changes. Per IRS regulations, the effective date of the new W-4 will be the
beginning of the next pay cycle for the employee. When the effective date
entered is before the beginning of the next pay cycle, the system will
recalculate the taxes already withheld for a closed period, which is not
authorized by the IRS.
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Repayments from employees made in the current year (2018) that are
for overpayments of wages in a prior year (2017 or earlier) must be repaid at
the gross overpayment amount in accordance with Internal Revenue Service
regulations. A Corrected W-2 or a W-2C, as applicable, is required to be
completed and sent to OMES. Only Social Security and Medicare wages and taxes are
corrected on the Form W-2 or W-2C.
DO NOT correct Federal or State taxable wages or income taxes. The
employee received and had use of the funds during the year of overpayment and
as such, the amounts are taxable for federal and state purposes. The employee
may be entitled to either a deduction or credit on their current year (2018)
Form 1040. Please advise them to speak to their tax accountant. Additional
instructions for Form W-2 and Form W2-C are available on the IRS website. For assistance, contact Lisa Raihl at
405-521-3258, lisa.raihl@omes.ok.gov or Jean
Hayes at 405- 522-6300, jean.hayes@omes.ok.gov.
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Agencies are reminded to review and ensure employees have a valid
OTC Form OW-9-MSE on file for 2018. The form must be completed annually to
continue the exemption for 2018. If a new exemption form has not been submitted
for 2018, the employee’s withholding status must go back to the last valid IRS
Form W-4 on file with the employer. If you receive an exempt Form
OW-9-MSE after processing a payroll, do not process a tax refund to the
employee or submit one to OMES for processing. The new exemption form will take
effect on the next pay cycle; it is not retroactive to the beginning of the
year.
As a reminder, a nonresident spouse of a nonresident service
member may be exempt from Oklahoma income tax on income from services performed
in Oklahoma. OTC Form OW-9-MSE must be completed and returned to the employer
with the required documentation. The instructions contain a list of
requirements the employer must meet before the withholding exemption will be
allowed. The form must be completed each year the exemption is to be
claimed.
This exemption will require an update to the employees' 'State Tax
Data' in PeopleSoft. The Special Tax Status will be changed to:
"Maintain Taxable Gross; SWT zero unless specified in 'Additional
Withholding' below." This does not affect the Federal Tax Data.
Federal withholding will still be calculated based on the IRS Form W-4 in
effect.
Although exempt from state income tax withholding, the income is
still reportable on the W-2 as Oklahoma wages. Employees with questions
regarding this should contact their tax accountants.
The Oklahoma Tax Commission has additional information and a
section of Frequently Asked Questions on its website. The
form may be found by clicking here.
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MISCELLANEOUS
The Office of Management and Enterprise
Services Human Capital Management Division is constantly searching for ways to
streamline processes and increase efficiencies. The Flexible Spending
Account Program will now be managed by third party provider HealthScope
Benefits, Inc.
Effective immediately, HealthScope Benefits
will handle all claims for Flexible Spending Accounts for plan year 2018 as
well as all 2017 rollover claims. This includes both the Health Care Accounts
(HCA) and the Dependent Care Accounts (DCA). Information has been
provided to agency Benefit Coordinators to distribute to employees enrolled in
an HCA or DCA. Employees will continue to use their existing ‘benny card’ for
all 2017 rollover claims and all 2018 claims. For questions regarding this
change, employees should contact their Benefits Coordinator or HealthScope at
1-800-219-8115 or visit www.healthscopebenefits.com.
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GENERAL LEDGER
All journal entry requests must include the appropriate
information when it is submitted to Central Accounting and Reporting. The most common requests include the
following categories:
Cash transfer request (OMES Form 10A) – The appropriate
authority for the transfer must be included.
Usually this will a specific statute or bill. When including a bill number, be sure to
include the legislative session in which the bill was passed.
340 fund journal imports – These summarized entries should
be submitted daily and include the total of disbursements for that day. Cancelled or stat-cancelled 340 fund warrants
should be included as a separate entry to allow for validation.
Payroll funding corrections – All payroll funding
corrections must include reference to the entry that is being corrected. Most payroll funding corrections are a result
of an employee being incorrectly set up in the HCM system. When funding errors are discovered, the
correction should be made in the HCM system.
Questions regarding the required documentation and
submissions of journal entry requests should be sent to accounting@omes.ok.gov.
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1099 INFO
1099 M forms will be ready to pick up after 10:00 am
on Tuesday, Jan. 16, along with the W-2s and other year end tax forms. ALL FORMS will be available at 5005 N Lincoln Blvd, Ste 100.
Please review the 1099's you receive and
advise OMES of any changes which you determine necessary. A few blank 1099M
forms will be included for you to make any necessary corrections and you may
make more copies of the blank form if necessary. If you have several corrections please
contact me at the email or phone number below and we will be able to create new 1099s with your corrections and
forward them to you. Please return as many changes as possible to OMES
prior to Jan. 25, 2018.
Please note the following procedures pursuant to such
changes in the 1099 documents:
-
For missing
addresses or address changes, send us a copy of the 1099 which includes the
address you added or changed and include a notation as to the type of change.
-
For name or
FEI/SSN changes, send us a copy of the original and the amended document so
that we have appropriate reference to the changes.
- For all
transaction changes, please send us appropriate documentation which explains
the nature of the amount changes.
-
Any changes that
need to be made after Jan. 25, 2018,
still need to be sent to OMES and we will forward the information to the IRS.
In all instances, please make sure that your
documentation includes enough information for us to understand your changes,
the reasons for them and a contact person in case we still have questions.
FYI:
-
Like last year
for 2016 reporting – To ensure security on Form 1099M we will truncate the SSN
and FEI numbers so only the last four digits are shown, ex. xxxxx1234.
-
In January,
before submitting our 1099 file to the IRS, we will TIN match the file with the
IRS e-Services system. Any vendors that
mismatch in this process will need to be corrected before we can submit our final file to the IRS on Jan. 31, 2018.
Questions or comments should be directed to:
Beth Brox at 405-522-1099 or Beth.Brox@omes.ok.gov.
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FINANCIAL REPORTING
As of Dec. 20, 2017, the
State of Oklahoma’s Comprehensive Annual Financial Report (CAFR) for fiscal year
2017 has been completed. The Financial Reporting Unit would like to thank
all state agencies for their effort and cooperation in providing timely
financial information. The CAFR is available online
through OMES’s website at https://www.ok.gov/OSF/documents/cafr2017.pdf.
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ACCOUNTING
There are no accounting articles this month.
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