The Social Security Administration (SSA) and Business Services Online has been busy getting ready for year end tax processing. They redesigned their software in 2014, updated their filing processes and have begun accepting W2s. Read Optimum’s blog below to discover new changes and new requirements for the 2014 year end season.
New Tax Filing Software
The BSO has released a new version of their software that has decreased the process time for your tax filings and no longer allows corrections to be made. In past years, if you submitted a file with an error, you had a limited amount of time to delete the file and resubmit a corrected file. With the new software in place, the correction time window is eliminated because the the SSA promises their new systems will process your file in less than 24 hours. Because of this, it is more important than ever to verify your FEIN, tax jurisdiction, tax year, and codes for employment type this year. Any forms with invalid values for any of these data elements will be rejected immediately.
Updated Reporting Requirements
In addition, SSA also officially stated that, beginning this year, they will return electronic and paper wage reports which contain any of the following conditions:
- Medicare Wages & Tips less than the sum of Social Security Wages & Social Security Tips
- Social Security Tax greater than zero & Social Security Wages & Tips equal to zero
- Medicare Tax greater than zero and Medicare Wages & Tips equal to zero
Filing 2014 Form W2s
December 8, 2014 marked the opening of the 2014 W2 filing season at BSO, so they are ready when you are! The BSO can now receive your electronic wage files, W2 Online files, W-2C Online files, SSN verification files, and the Special Wage Payment Utility. However the files that are received now still will not be processed until mid-to late January.
As a reminder, don’t forget to use AccuWage, the Social Security Administration’s free software that allows you to check your W-2 files for correct formatting, before you submit them to SSA. An updated version of AccuWage is now available online, look under W-2 Filing Assistance.
After you finish filing your W2s, make sure to check the submission status of the electronic files submitted to make sure the file processed. To help, visit the 2014 Electronic W-2 Filing Handbook at to see a list of submission status codes.
Optimum’s Payroll software assists you in keeping up to date with all government changes and allows you to process taxes when it is convenient for you. To learn more, contact us today or fill out the from to the right to watch a free software demo now.