General Year End Question

[former_member71409]

What is the latest date to apply year end patches each year? We are on bi-weekly payroll. We always apply YEPs before the end of last payroll period. However, this payroll year ends at 12/12/2014. It is a much shorter period to prepare YEP this year. At the same time, our YEP project has a time conflict with other critical projects going live.

If we delay the YEP project until begininng of 2015, what will be the risks and consequences?

[Matt_Fraser · Accepted solution]

Hi Min,

The Year-End Legal Changes mostly impact tax reporting, i.e. filing Forms W-2 (in the US), which isn't due to IRS until the end of January. The other impact usually is changes to tax rates, and so forth, but this is primarily a matter of applying TUBs more than anything else, and also various other items like changes to IRS garnishment limits, and so forth (which sometimes aren't published until the new year anyway). So, a best practice is to have all the YELC support packs and notes into production before you run your first payroll with a pay date in the new year. In our case, that will be a pay date of January 2, and that payroll will be run in the final week of December, so that's our firm deadline.

So if your final payroll of the year is 12/12/2014, that one isn't so much impacted by YELC. It's the next one, with a pay date in January, that you need to think about. Even then, you might be able to manage changes applied after the fact with a retro, if necessary, in which case filing W-2 in January is the real hard deadline.

Regards,

Matt