2022 Year-End Bulletin: Early December Tax Update & Changes to Key Deadlines for Ascensus

Important Changes to Deadlines for Ascensus

As of December 2^nd, Ascensus has updated their deadlines for the year-end tasks detailed below.  These new deadlines for are also reflected in the Year-End Processing Guides.

The Ascensus deadlines for submitting 1099-R and 1099-SA files, as well as Fair Market Value (FMV) are now scheduled for Tuesday, January 10^th, 2023.

2022 Year-End Processing for Online Credit Unions

2022 Year-End Processing for Self-Processing Credit Unions

As a reminder, if your credit union plans to use Sage Direct to print member statements, the following deadlines are coming up soon:

• If your credit union is planning to conduct a member account verification mailing for December 2022 statements, this process will need to be completed no later than Friday, December 9^th.
• Additionally, inserts for year-end statements are due to Sage Direct no later than Wednesday, December 28^th.

And don’t forget that tax reports must be reviewed on January 1^st (or as soon as possible thereafter)!

1042-S Forms for Members

If your credit union is planning to generate 1042-S forms with your members, please note that prior to December 31st, your credit union must ensure that the feature has been activated and that you’ve flagged all eligible members with the correct information needed to complete the tax form.  To get started, visit our online store to activate 1042-S Forms for your members (this order is completely free of charge).

See more information in the year-end supplement, Producing 1042-S Tax Forms.

If you have additional questions or if you need assistance with activating 1042-S Forms for your members, contact a Client Service Representative.

Year-End Training Information

Don’t forget: we still have one more training session coming up for both Online and Self-Processing clients. Approximately 15 minutes at the end of this training session will be dedicated to self-processor year-end tasks.

Tuesday, December 13

9:30 AM – 11:00 AM ET

Register Here

Our Advice for a Smooth Year-End

• Team coordinators should assign critical tasks and ensure these are completed.
• Review the guide carefully, including any post-publication updates.
• Review deadlines in advance to avoid missing a task or incurring a fee.
• Have all year-end staff attend year-end training.
• Ask questions! Our teams are here and ready to assist.

We look forward to making year-end 2022 another successful team effort!