Changing Business Checking Account and Payroll
It is January and that means that SBS CPA Group is busy processing W2’s and 1099’s for our clients. Along with the forms, we are also processing payroll taxes for the various federal and state governments. It is EXTREMELY important that we have the correct business bank account information!
The Wells Fargo/Flagstar merger has been in the news recently and this is a prime example of business checking accounts that may have been changed. Please make sure that SBS CPA Group has your current business bank routing number and account number. Even if you kept your Wells Fargo account that is now Flagstar, there is a new routing number that we need to have. We have a process in place to change the bank information for both the federal and state taxing agencies after we have received the information from the client.
If we do not have your correct bank information, the results can be costly. The federal government immediately charges a bad check fee of at least $50.00. They can then impose a 10% late filing penalty and interest charges. You will also receive letters from the IRS; SBS CPA Group can handle the correspondence needed to settle the matter but this will also incur a cost to you for bookkeeping. The state government will also charge a 10% late filing penalty and interest along with more letters that will require bookkeeping time to correct.
Please let us know IMMEDIATELY if you have changed anything with your business checking account. If you have any questions, please feel free to contact us at 260-407-5000.