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Q2 2024 Instructions

Last Updated 6/13/2024 

As Q2 2024 ends we would like to send a general reminder on items that need to be reviewed.  Please have your team review the following and let us know if you have any questions.  

  1. BLACKOUT PERIOD– The last day to make any changes will be June 30, 2024.  July 1, 2024, will begin our blackout period and the tax team will began processing quarterlies.  
  2. EXCEPTIONS - If you have any clients that are an exception your team will need to provide us with a list via a FranConnect ticket by June 30th to ensure we are aware of your exceptions. Please one ticket per franchise to list all exception requests. All errors from the Interim Reconciliation Report will not be considered an exception and must be fixed prior to the blackout period. NOTE: The only exceptions we will honor will be missing tax ID’s out of our control due to agencies processing times or reopened accounts filed by paper.  
  3. REVIEW YOUR EXPECTED TAX RETURNS TO MAKE SURE ALL CLIENTS ARE LISTED - Under Production Utilities > Service Bureau Reports > Report: Expected Tax Return Checklist > Filter for Q2 2024.  This report will filter in alphabetical order per state, per form and per client. The legal status will show if the client is active or in conversion. 
    1. If your client does not appear on the Expected Tax Return Checklist, the Q2 2024 filings will not be created and will not be filed. Navigate to the client and check your Legal Service History Date to make sure it is correct. 
  4. MISSING TAX IDs – On the Expected Tax Return Checklist, the column labeled EIN will show if there are any missing tax ID’s. Any missing tax ID’s will result in a $100 fee charged to your monthly royalties. Once you have the tax ID, you’ll need to enter it in the Tax Maintenance screen. We cannot file any returns without the ID. If you receive an ID in the middle of us processing the quarterly returns, that return will go to the end of the processing list. If you need assistance finding the State registration website, please refer to the state guide in FranConnect or engage with Middesk.  
  5. Liabilities - Any liabilities that need to be opened for the quarter are opened in iSolved and the funds must be transferred from your impound account to the Chase tax account. For the latest version of instructions on how to open liabilities please refer to Teams > iSolved Conversion > General Chat > Files > Open Liabilities in iSolved.pdf 
  6. REVIEW YOUR INTERIM RECONCILIATION (ERROR) REPORT - The tax team no longer sends out the Interim Reconciliation Report (error report). The Interim Reconciliation Report can be found under Tax Filing Management> Tax Utilities > Interim Reconciliation. On the last payroll of the quarter, any errors that still need to be correct will fall into the Tax Filing Management > Tax Quarter End > Quarter End Dashboard. All errors will need to be corrected prior to June 30, 2024.  If you need any assistance with your errors, please submit an OPS ticket.  
  7. REVIEW PAYROLL REPORTS – Each payroll you’ll want to make sure you are checking the below four reports: 
    1. Exceptions 
    2. Payroll Summary 
    3. Payroll Register 
    4. New Employee and Change Audit 
  8. PROCESS THE LAST PAYROLL OF THE QUARTER - The last payroll of the quarter will need to be processed for the quarter to close properly and the tax forms to be created.  If your client skips their last payroll of the quarter and had no payrolls in the last month of the quarter, please process a zero payroll to close the quarter out. All on-hold payrolls will need to be processed as a zero payroll as well. As a best practice we recommend running zero payroll on the last day of the month if your client doesn’t run a payroll in that month.  
  9. ON-HOLD PAYROLLS WILL NOT PROCESS - You will need to flip the on-hold payrolls to activate temporarily to process the zero payroll and to make sure they appear to the tax team for processing.