Year-end Processing Sample Clauses
The Year-end Processing clause outlines the procedures and requirements for handling financial or operational activities at the close of a fiscal year. Typically, this clause specifies tasks such as finalizing accounts, reconciling outstanding transactions, and preparing necessary reports or documentation to ensure accurate year-end records. Its core function is to establish a clear process for closing out the year’s activities, thereby ensuring compliance, accuracy, and readiness for audits or future planning.
Year-end Processing. 1. Maintain shareholder records in accordance with IRS notices for under- reporting and invalid Tax Ids. This includes initiating 31% backup withholding and notifying shareholders of their tax status and the corrective action which is needed.
2. Conduct annual W-9 solicitation of all uncertified accounts. Update account tax status to reflect backup withholding or certified status depending upon responses.
3. Conduct periodic W-8 solicitation of all non-resident alien shareholder accounts. Update account tax status with updated shareholder information and treaty rates for NRA tax.
4. Review IRS Revenue Procedures for changes in transaction and distribution reporting and specifications for the production of forms to ensure compliance.
5. Coordinate year end activity with client. Activities include producing year end statement, scheduling record dates for year dividends and capital gains, production of combined statements, printing of inserts to be mailed with tax forms.
Year-end Processing. For Services that conclude as of the end of the Plan’s fiscal year, perform any compliance testing, government filings, or other reporting required as of that year-end.
Year-end Processing. 1. Maintain shareholder records in accordance with IRS notices for under-reporting and invalid Tax IDs. This includes initiating 31% backup withholding and notifying shareholders of their tax status and the corrective action which is needed.
2. Conduct annual W-9 solicitation of all uncertified accounts. Update account tax status to reflect backup withholding or certified status depending upon responses.
3. Conduct periodic W-8 solicitation of all non-resident alien shareholder accounts. Update account tax status with updated shareholder information and treaty rates for NRA tax.
4. Review IRS Revenue Procedures for changes in transaction and distribution reporting and specifications for the production of forms to ensure compliance.
5. Coordinate year end activity with client. Activities include producing year end -------------------------------------------------------------------------------- Transfer Agent Services Agreement between Third Avenue Trust and FPS Services, Inc. Schedule A statements, scheduling record dates for year end dividends and capital gains, production of combined statements and printing of inserts to be mailed with tax forms.
6. Prepare Tax year-end confirmation letter for Series' approval regarding all distributions made throughout year. Dates and rates must be confirmed by the Series so that they can be used for reporting to the IRS.
7. Coordinate the ordering of form stock envelopes from vendor in preparation of tax reporting. Review against IRS requirements to ensure accuracy. Upon receipt of forms and envelopes allocate space for storage.
8. Prepare form flashes for the microfiche vendor. Test and oversee the production of fiche for year end statements and tax forms.
9. Match and settle tax reporting totals to fund records and on-line data from Investar.
10. Produce forms 1099R, 1099B, 1099Div, 5498, 1042S and year end valuations. Quality assure forms before mailing to shareholders.
11. Monitor IRS deadlines and special events such as cross over dividends and prior year ▇▇▇ contributions.
12. Prepare IRS magnetic tapes and appropriate forms for the filing of all reportable activity to the Internal Revenue Service.
Year-end Processing. For services that conclude as of December 31 for a calendar year plan, perform any compliance testing, government filings, or other reporting required as of that year- end.
Year-end Processing. INCOME ALLOCATION
a) Process and allocate interest declared on an annual basis.
b) The system configuration must recognize interest distribution either as a percentage or an absolute amount
c) The system must be configured to generate interest rates given the actual income distributable
d) The system must be configured to amend contributions and allocation parameter to reflect the correct positions at any time in the year with appropriate approvals
e) The system configuration must provide for projections of annuity values.
f) The system must be configured to calculate quarterly corporate tax payable
g) The system Configuration on Interest allocation must recognize exempt amounts and non-exempt amounts calculating corporation tax on the nonexempt amount as per regulations subject to customization
h) The system must allow the option of allocating interest to deferred contributions
Year-end Processing. 1. Maintain shareholder records in accordance with IRS notices for under-reporting and invalid Tax IDs. This includes initiating 31% backup withholding and notifying shareholders of their tax status and the corrective action which is needed.
2. Conduct annual W-9 solicitation of all uncertified accounts. Update account tax status to reflect backup withholding or certified status depending upon responses.
3. Conduct periodic W-8 solicitation of all non-resident alien shareholder accounts. Update account tax status with updated shareholder information and treaty rates for NRA tax. 4. Review IRS Revenue Procedures for changes in transaction and distribution reporting and specifications for the production of forms to ensure compliance.
Year-end Processing. 1. Maintain Stockholder records in accordance with IRS notices for under- reporting and invalid tax IDs. This includes initiating 31% backup withholding and notifying Stockholders of their tax status and the corrective action which is needed.
2. Conduct annual W-9 solicitation of all uncertified accounts. Update account tax status to reflect backup withholding or certified status depending upon responses.
3. Conduct periodic W-8 solicitation of all non-resident alien Stockholder accounts. Update account tax status with updated Stockholder information and treaty rates for NRA tax.
4. Review IRS Revenue Procedures for changes in transaction and distribution reporting and specifications for the production of forms to ensure compliance.
5. Coordinate year-end activity with Funds. Activities include producing year end statements, scheduling record dates for year end dividends and capital gains, production of combined statements and printing of inserts to be mailed with tax forms.
6. Distribute dividend letter to Funds for them to sign off on all distributions paid year to date. Dates and rates must be authorized so that they can be used for reporting to the IRS.
7. Coordinate the ordering of form stock envelopes from vendor in preparation of tax reporting. Review against IRS requirements to ensure accuracy. Upon receipt of forms and envelopes allocate space for storage.
8. Prepare form flashes for the microfiche vendor. Test and oversee the production of fiche for year end statements and tax forms.
9. Match and settle tax reporting totals to fund records and on-line data from Investar.
10. Produce and mail forms 1099R, 1099B, 1099Div, 5498, 1042S and year end valuations. Quality assure forms before mailing to Stockholders.
11. Monitor IRS deadlines and special events such as cross over dividends and prior year ▇▇▇ contributions.
12. Prepare IRS magnetic tapes and appropriate forms for the filing of all reportable activity to the Internal Revenue Service.
Year-end Processing. A. Maintain shareholder records in accordance with IRS notices for under-reporting and invalid Tax IDs. This includes initiating 31% backup withholding and notifying shareholders of their tax status and the corrective action which is needed.
B. Conduct annual W-9 solicitation of all uncertified accounts. Update account tax status to reflect backup withholding or certified status depending upon responses.
C. Conduct periodic W-8 solicitation of all non-resident alien shareholder accounts. Update account tax status with updated shareholder information and treaty rates for NRA tax.
D. Review IRS Revenue Procedures for changes in transaction and distribution reporting and specifications for the production of forms to ensure compliance.
E. Coordinate year-end activity with client. Activities include producing year-end statements, scheduling record dates for year-end dividends and capital gains, production of combined statements and printing of inserts to be mailed with tax forms.
F. Distribute Dividend Letter to funds for them to sign off on all distributions paid year to date. Dates and rates must be authorized so that they can be used for reporting to the IRS.
G. Coordinate the ordering of form stock envelopes form vendor in preparation of tax reporting. Review against IRS requirements to ensure accuracy. Upon receipt of forms and envelopes allocate space for storage.
H. Prepare form flashes for the microfiche vendor. Test and oversee the production of fiche for year-end statements and tax forms.
I. Match and settle tax reporting totals to fund records and on-line data from INVESTAR.
J. Produce forms 1099R, 1099B, 1099Div, 5498, 1042S and year-end valuations. Quality assure forms before mailing to shareholders.
K. Monitor IRS deadlines and special events such as crossover dividends and prior year IRA ▇▇▇tributions.
L. Prepare IRS magnetic tapes and appropriate forms for the filing of all reportable activity to the Internal Revenue Service.
Year-end Processing. 27.1. Produce Imputed Income file for the County payroll on company paid basic life insurance (to accompany per pay period calculations).
27.2. Produce detailed enrollment report for benefit plans.
27.3. Work with County systems analyst to reconcile the HCRA/DCRA year-to-date contribution amounts between County payroll system, Participant elections, and HCRA/DCRA administration records.
27.4. Provide information necessary for the County and/or its designee to issue Annual 1099 forms to report imputed income (where applicable) for enrolled/retired Domestic Partners.
27.5. Provide information for employees/retirees to enable County to complete the cost of healthcare reporting on W-2.
Year-end Processing. Provide information for the annual filing of Form 5500’s filings for all plans, if required. Produce Imputed Income file for the County of Orange payroll on company paid basic life insurance (to accompany per pay period calculations). Produce detailed enrollment report for benefit plans. Work with County systems analyst to reconcile the HCRA/DCRA year-to-date contribution amounts. Issue Annual 1099 forms to report imputed income (where applicable) for enrolled/retired Domestic Partners. Administer plan provisions in accordance with County rules Calculate employer and employee/retiree costs and coverage amounts Produce enrollment forms (no more than a 4-sided 8 ½ x 11 worksheet with cover letter) Produce confirmation statements for employee/retiree elections Process elections Set-up system for fall 2002 open enrollment Set-up system for 1/1/03 initial processing Set-up system for 1/1/03 commencement of HCRA, DCRA, OBP and Judges Medical Reimbursement plan processing Set-up system for 1/1/03 commencement of COBRA administration (includes conversion from previous carriers) Set-up system for 1/1/03 commencement of HIPPA administration Document requirement for commencement of administrative services Create all cost, eligibility and zip code tables for commencement of administrative services Full cycle system testing Setup system for applicable carrier feeds Provide all participants elections file to County AHRS and OCERS Enrollment edit/follow up processing-default elections Web site updates including, but not limited to, link changes/updates Meet with the County on at least a monthly basis to discuss current issues, new procedures, etc. Meetings may be face to face and via conference call as agreed upon by UNIFI and the County. Conduct yearly in person meetings with the County to review account status Provide the County with an Administrative manual consisting of policies and procedures to administer the Plan. Update the Administrative Manual within thirty (30) days of any change in policies and/or procedure. Defined Benefit Extra Help Retirement Plan 401(a) Plan 457 Defined Contribution Plan Defined Contribution Extra Help Retirement Plan Retirement Pension Plan Administration The following is a summary of Unifi’s final fees. Unifi’s fees include the following Annual Enrollments (effective date) – 1/1/2003, 1/1/2004, 1/1/2005, 1/1/2006, 1/1/2007 and 1/1/2008. Implementation $1,190,000 3/1/2002 – 12/31/2002 1/1/2003 AE $475,000 2003 Administration $1,840,000 &...