Year-End Quick Connect
Our Advice for a Smooth Year-End
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Select a coordinator to assign tasks and ensure they are complete.
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Review the guide carefully, including any post-publication updates.
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Review deadlines in advance to avoid missing a task and incurring a fee.
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Have all year-end staff attend year-end training.
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Pay special attention to year-end emails as requirements may change.
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Ask questions! Our teams are here and ready to assist.
Year-End Bulletins
Use these emails and posts to keep track of training information and updates/revisions to the guide or processing plans.
2023 Year-End Bulletin #1: Getting Started!
2023 Year-End Bulletin #2: Guides are Available!
Training Dates and Information for Year-End Processing
This year, CU*Answers will offer three training sessions, combined for both Online and Self-Processing clients. Approximately 15 minutes at the end of each training will be dedicated to solely self-processor year-end tasks.
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Tuesday, November 14 @ 9:30 – 11:00 AM ET
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Tuesday, November 21 @ 3:30 – 5:00 PM ET
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Thursday, December 7 @ 3:00 – 4:30 PM ET
Register for Training: https://www.cuanswers.com/resources/edu/courses/syllabi/?course=3.95
Information for Online Credit Unions
Your year-end processing guide is located here:
https://www.cuanswers.com/wp-content/uploads/YearEndGuideOnline.pdf
Your Month End Verifications guide is located here:
https://www.cuanswers.com/wp-content/uploads/MonthEndProcessingVerification`s.pdf
Upcoming Due Dates and Deadlines
November Tasks and Deadlines
| Deadline | Task |
| Tuesday, November 14 | Make a decision on whether or not you wish to print substitute 1099-INT forms on member statements |
| Tuesday, November 14 | Update the Tax Forms Handling Instructions screen in CU*BASE |
| Anytime in November | |
| Verify State ID # for reporting on 1099-INT, 1099-MISC, 1099-R (for those who are reporting withholding information) | |
| CUs offering e-statements and using substitute 1099-INTs: send “alert” email message (can be done in Nov. or Dec.) | |
| Update Federal Holidays/non-business days configuration | |
December Tasks and Deadlines
| Deadline | Task |
| Monday, December 4 | Verify Equity Loan categories to ensure proper 1098 (Mortgage Interest) reporting |
| Monday, December 4 | Verify Share and Certificate configurations to ensure proper 1099-INT reporting; check settings on the credit union account |
| Monday, December 4 | Verify Accounts Payable Vendor settings to ensure proper 1099-MISC reporting |
| Friday, December 8 | Order special envelopes for Auditor member account verification mailing (if necessary) |
| Friday, December 8 | Clear statement messages for December statements (if using substitute 1099- INTs) and modify statement messages/instructions |
| Friday, December 8 | Modify December e-statement notification message (if using substitute 1099- INTs) |
| Thursday, December 28 | Enter mortgage points paid and other 1098 (mortgage interest) data into the Tax File |
| Thursday, December 28 | Statement inserts due at Sage Direct |
January Tasks and Deadlines
| Deadline | Task |
| As Soon As Possible After Monday, January 1 | Review Beginning-of-Year/Tax File Verification Reports |
| Thursday, January 4 | Run Tax Information Reports |
| Thursday, January 4 | Final verification of distribution IRA Balance 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) |
| Thursday, January 4 | Verify Tax File (Tool #1014) and make adjustments where necessary (before PRINTING forms) |
| Thursday, January 4 | Verify 1099-MISC and 1099-NEC amounts for Accounts Payable Vendors |
| Anytime in January | |
| Close the General Ledger for 2023 (must be completed prior to reporting January YTD figures) | |
March Tasks and Deadlines
| Deadline | Task |
| Friday, March 8 | Deadline for final adjustments to the Tax File (before IRS reporting) |
April Tasks and Deadlines
| Deadline | Task |
| Thursday, April 18 | Final verification of Coverdell contribution (5498-ESA) data in IRA and HSA Balance Files |
May Tasks and Deadlines
| Deadline | Task |
| Thursday, May 2 | Final verification of contribution data (5498) data in IRA and HSA balance files, make modifications where necessary |
Information for Self-Processing Credit Unions
Your Year-end processing guide is located here:
https://www.cuanswers.com/wp-content/uploads/YearEndGuideSelfProcessing.pdf
Your Month End Verifications guide is located here:
https://www.cuanswers.com/wp-content/uploads/MonthEndProcessingVerifications.pdf
Upcoming Due Dates and Deadlines
November Tasks and Deadlines
| Deadline | Task |
| Tuesday, November 14 | Notify CU*Answers if you plan to print substitute 1099-INT forms on statements |
| Tuesday, November 14 | Verify how your credit union’s IRA/HSA plans are administered (Self-administered, Ascensus- or other third party-administered) and make printing plans. Then, complete and return the Tax Forms Archival Instructions form to indicate how your tax forms should be handled. |
| Anytime in November | |
| Verify State ID # for reporting on 1099-INT, 1099-MISC, 1099-R (for those who are reporting withholding information) | |
| Verify Accounts Payable Vendor settings to ensure proper 1099-MISC reporting | |
| Verify Share and Certificate configurations to ensure proper 1099-INT reporting; check settings on the credit union account | |
| Verify Equity Loan categories to ensure proper 1098 reporting | |
| CUs offering e-statements and using substitute 1099-INTs: send alert email message (can be done in Nov. or Dec.) | |
| Update Federal Holidays/non-business days configuration | |
| Perform verification checklist during November EOM processing | |
December Tasks and Deadlines
| Deadline | Task |
| Friday, December 8 | Prepare Annual Statement configuration |
| Friday, December 8 | Order special envelopes for Auditor member account verification mailing (if necessary) |
| Friday, December 8 | Clear statement messages for December statements (if using substitute 1099-INTs) |
| Friday, December 8 | Modify statement messages/instructions |
| Friday, December 8 | Modify December e-statement notification message (if using substitute 1099-INTs) |
| Thursday, December 28 | Enter mortgage points paid and other 1098 data into the Tax File |
| Thursday, December 28 | Statement inserts due at Sage Direct |
| Sunday, December 31 | Perform verification checklist before/after EOY processing |
January Tasks and Deadlines
| Deadline | Task |
| As Soon As Possible After Monday, January 1 | Review Beginning-of-Year/Tax File Verification Reports |
| Thursday, January 4 | Final verification of distribution IRA Balance 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) |
| Thursday, January 5 | Verify Tax File (Tool #1014) and make adjustments where necessary (before PRINTING forms) |
| Thursday, January 5 | Verify 1099-MISC and 1099-NEC amounts for AP Vendors |
| Thursday, January 5 | Verify 1099-MISC and 1099-NEC amounts for Accounts Payable Vendors |
| Thursday, January 5 | Run Tax Information Reports and move to DAILYxx or MONTHxx if you want these reports archived |
| Tuesday, January 9 | Deadline for • Asensus 1099-R and 1099-SA distribution and Fair Market Value (FMV) data due |
| Tuesday, January 31 | Deadline for • furnishing 1099 and 1098 forms to members - 1099 – MISC forms to members 1099 – NEC forms to the IRS and to members |
| Anytime in January | |
| Close the General Ledger for 2023 (must be completed prior to reporting January YTD figures) | |
March Tasks and Deadlines
| Deadline | Task |
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Recommended by Thursday, March 7 |
Final adjustments to the Tax File |
April Tasks and Deadlines
| Deadline | Task |
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Recommended by Thursday, April 18 |
Final verification of Coverdell contribution (5498-ESA) data in IRA and HSA Balance Files |
| Thursday, April 18 | Deadline for submitting file to Sage Direct for printing 5498-ESA forms (if Sage Direct is printing your forms) |
| Monday, April 22 | Ascensus-Administered: Submit 5498-ESA (contribution) data to Ascensus |
| Tuesday, April 30 | Deadline for submitting 5498-ESA (Coverdell contribution) forms to members |
May Tasks and Deadlines
| Deadline | Task |
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Recommended by Thursday, May 2 |
Final verification of contribution data (5498) data in IRA and HSA balance files, make modifications where necessary |
| Tuesday, May 7 | Ascensus-Administered: Submit 5498 and 5498-SA data to Ascensus |
| Tuesday, May 7 | Deadline for submitting file to Sage Direct for printing 5498 and 5498-SA forms (if Sage Direct is printing your forms) |
| Friday, May 31 | Deadline for furnishing 5498 and 5494-SA forms to members and submitting 5498 (contribution) data to IRS |
