Welcome to 2024 Year-End Processing
Bulletin #3: Reminder – Complete Year-End Verifications by Monday, January 6
These bulletins will guide you through the year-end processing timeline. Keep an eye on Client News for important information, vendor updates, deadline changes, reminders, and more.
Updates and Information
December 31, 2024
Don’t forget that Beginning-of-Year/Tax File Verification Reports must be completed as soon as possible after the first of the new year!
Additionally, by Monday, January 6th, your credit union must complete the following:
- Final verification of distribution IRA File data (distributions only for all IRA plan types, including death distributions to beneficiaries) and HSA Balance File data (forms 1099-Q, 1099-R, 1099-SA).
- Verify Tax File (Tool #1014) and make adjustments where necessary (before PRINTING forms).
- Verify 1099-MISC and 1099-NEC amounts for Accounts Payable Vendors.
- Run Tax Information Reports (Online Credit Unions: you will need to move to DAILYxx or MONTHxx if you want these reports archived).
Year-End Guides and Documentation
- Year-End Processing Guide for Online Credit Unions
- Year-End Processing Guide for Self-Processing Credit Unions
- Year-End Processing Guide Supplement: 1042-S Tax Forms
- Month-End Processing Verifications
Our Advice for a Smooth Year-End
- Select a coordinator to assign tasks and ensure they are complete.
- Review the guide carefully, including any post-publication updates.
- Review deadlines in advance to avoid missing a task and incurring a fee.
- Pay special attention to year-end emails as requirements may change.
- Ask questions! Our teams are here and ready to assist.
As always, be sure to keep on track with your Month End Processing Tasks.
We look forward to making year-end 2024 another successful team effort!
