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Year End Bonuses

Although you may process a bonus payroll at any time throughout the year, many companies choose to process bonuses at the end of the year. There are two ways to process a bonus payroll: (1) with your regular payroll or (2) as a special bonus payroll outside of your regular payroll. If you would like to surprise your employees with a year-end bonus, you may want to run a special bonus payroll after you run your regular payroll. By doing this, your normal payroll processing cycle will not be impacted (i.e., period ending dates and check date). You should process any...

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Plan Ahead for Holiday Payrolls!

SIMA will be closed on Tuesday, December 25 and Tuesday, January 1 in observance of Christmas Day and New Year’s Day. Your payroll must be processed a day earlier than normal by 12:00 pm to ensure timely processing. Is your pay date on Tuesday, December 25 or Tuesday, January 1? There will be no direct deposits allowed on Tuesday, December 25 and Tuesday, January 1 due to holiday bank closures. If your pay date is on this day, please contact your payroll team at payroll@simafinancialgroup.com to let us know whether you would like to move your pay date to Monday or Wednesday. Please...

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Form 1099 must be filed and distributed by January 31 for all independent contractors earning $600+

If you pay an individual (who is not an employee) or partnership for “services” rendered and the amount paid for the year is $600 or more, you must file an information return, Form 1099-MISC, with the IRS and provide a copy to the individual. Form 1099s are required to be filed and distributed by January 31. There is a penalty for failure to file by the date or failure to provide the correct identification number. The IRS may charge a $100 penalty for each incorrect identification number. If you do not plan to enter your independent contractor(s) payments in your payroll system...

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Fringe Benefits

Fringe Benefits are benefits provided by the employer to employees and are considered a form of compensation above their wages. Any taxable fringe benefits provided by your company need to be included in the employee’s pay as they are subject to taxes and must be reported on the employee’s W-2. Examples of fringe benefits include but are not limited to services such as personal use of company car, S-Corp Health Insurance (more than 2% owners), life insurance (in excess of $50,000), disability insurance, HSA employer contributions, other insurance, etc. If your company utilizes SIMA’s accounting services then your accountant will coordinate...

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Year End Bonuses

Although you may process a bonus payroll at any time throughout the year, many companies choose to process bonuses at the end of the year. There are two ways to process a bonus payroll: (1) with your regular payroll or (2) as a special bonus payroll outside of your regular payroll. If you would like to surprise your employees with a year-end bonus, you may want to run a special bonus payroll after you run your regular payroll. By doing this, your normal payroll processing cycle will not be impacted (i.e., period ending dates and check date). You should process any...

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Year-End Checklist

It’s that time of year! With year-end quickly approaching we wanted to provide you with a year-end checklist to ensure you have a smooth year-end. Please make sure to review each item listed below and whether it applies to your specific payroll needs. Verify Employee W-2 Information It is important that all employee data is reviewed and updated for changes that may have occurred throughout the year. You will need to continue to maintain all changes after verifying the employee W-2s through January 1st to ensure that any new updates are reflected correctly on the W-2. Please confirm the following information for...

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Market Update from Ashley Vice, Portfolio Manager

After an incredibly muted 2017, volatility has returned to the markets.  This year, the US equity market (using the S&P 500 as a proxy) has experienced two separate “corrections”.   A correction is defined as a temporary decline of 10% or more.  The market got off to a great start in January and hit all-time highs in September, but has given most of that back over the past few weeks.  With dividends, the S&P 500 is up slightly for the year. In times of uncertainty, historical perspective can be a wonderful ally.  To that point, corrections are a normal part of the...

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