Deposit Year-End Request Overview

To ensure that your year-end statements and forms are printed correctly, FPS GOLD requires that you fill out a year-end request using the CIM GOLD Deposit Year-End Run Options screen. This request gives FPS GOLD the needed information to properly set up the end-of-year processing. You need to complete this request by October 15.

FPS GOLD will run a test of year-end processing for your institution around the first of November, using the October monthend file. The reports, forms, and statements created from this test will be available in GOLDView to you to verify and confirm the accuracy of the information. If any part of the test run appears to be incorrect, contact your FPS GOLD banking consultant to resolve the errors. Do not assume the live run will be correct. Reruns of year-end are billable if the problem existed in the test run.

Your cooperation in completing the year-end form, verifying year-end tests, and discussing year-end concerns with your FPS GOLD banking consultant well before the deadline is necessary for a successful year-end.

IMPORTANT

Any program changes, enhancements, or requests needed for year-end must be submitted by October 1. This includes any Proxy, reports, and all other requests that need to be done by December 31. Year-end tests cannot be processed after November 30 without programming assistance.

Action Dates for Year-End Processing

The following deadlines apply to year-end processing and submitting forms.

October 15	Last day to make any changes to the Year-End Run Options screen for tests and year-end processing. Also the last day to submit year-end programming changes and requests.
November 1	FPS GOLD begins running and sending year-end tests for institutions.
Mid-November	Any problems on accounts (such as missing Social Security numbers or hold codes) should have been identified and corrected by your institution.
December 31	Year-end processing begins.
January 2	Remember to close your General Ledger books on the first working day of the new year so that your General Ledger reports use the proper balances. Contact your FPS GOLD Accounting Banking Consultant if you have questions.
January 7-17	FPS GOLD begins sending out year-end forms and reports. All deposit material will be shipped together. Reports and forms will be produced according to how the Year-End Run Options screen was set up and will be shipped at the same time with a check-off list enclosed.
February 15	Return of IRS year-end transmittals. FPS GOLD will send your institution the Transmittal for Information Returns. This form must be reviewed by you, signed, and returned to FPS GOLD by February 15. FPS GOLD will not transmit your file to the IRS without having the signed copy of this form.
February 28	All transmissions are due to the IRS.

NOTE

FPS GOLD will charge for programming changes and reruns if errors could have been found on the test data. Please review the test information thoroughly.

IMPORTANT

No CIS file maintenance should be done until year-end forms and reports are printed and populated by FPS GOLD and then received and verified by your institution. CIS records do not have a year-end file. Any rerun after December 31 uses your live CIS file.

NOTE

1042-S (Foreign Person Withholding) will automatically be put into the IRS GOLD system at year-end if the 1042S Form Required? field is checkmarked on the Deposits > Account Information > Interest Fields screen, Withholding Information tab. Your institution must enter the required information on the form, print your own forms from IRS GOLD, and mail them to your customers by January 31.

Loans

Passbook loan and overdraft loan statements need to be ordered on the Loans > System Setup > Year-End Screen.

Contract Collections Interest and Reserve Interest are combined with the deposit accounts by the Social Security number of the IRS owner on the 1099-INT form. You need to contact your loan department to verify that this reporting is done for this type of interest payment.

IRS Corrections

Throughout the year, you will need to manually create various IRS forms for corrections, etc. FPS GOLD provides you with two easy ways to create, edit, and print necessary IRS forms, including your IRS corrections.

1.IRS GOLD® in CIM GOLD – This application makes creating and printing your IRS forms and instructions easy. All corrections should be printed in IRS GOLD. Contact your FPS GOLD loan banking consultant for more information on this product.

NOTE

When you print IRS statements, the IRS instructions must also be sent to your customers (this is the information found on the back of each IRS form).

2.	FPS GOLD will transmit any manually created IRS information for the current tax year for you. You will receive a report and transmittal of items being forwarded. You must sign and return the transmittal form in order for the transmission to be sent.

You are responsible for printing any IRS information created manually using IRS GOLD.Corrections and/or new forms for loans are made by the lender during the year and entered into the IRS GOLD system in CIM GOLD.

At monthend, FPS GOLD creates a report called the IRS Information Return System Report (FPSDR029). All changes and/or new forms that your institution has entered in the IRS GOLD system year-to-date, as well as prior years’ entries, are on the report. FPS GOLD automatically deletes forms older than five years every October. These reports are not sent again with the transmittal forms.

Your deposit department should review this data monthly to ensure accuracy. Watch for duplicate items for the same account, etc. Monitoring this will allow you to quickly review, sign, and return the original transmittal form prior to each transmission by FPS GOLD. A program is run in February and in June to create the records to be sent. Transmissions are sent in March and in July.

NOTE

When FPS GOLD transmits to the IRS for the current calendar year, we only send information pertaining to that year. If you have made corrections for an earlier year, a transmission for each year other than the current calendar year must be sent. This will require a special work order; it does not happen automatically. A tax year is the year the information should have been reported, not the year you entered the information into the IRS GOLD system. For these special transmissions, a separate transmittal form is created each year. The account owner must sign these forms and the original must be forwarded to FPS GOLD prior to our sending the transmission.

Please coordinate these transmissions with your loan department as both departments’ corrections are sent at the same time. Transmissions are sent in March through July. Refer to the Monitor for specific dates.