Quarterly Tax Reconciliation (Company) Report

This article will outline the value of the Quarterly Tax Reconciliation (Company) Report for auditing in preparation for quarterly tax filing

OVERVIEW

The Quarterly Tax Reconciliation (Company) Report contains taxable wages and data on taxes withheld, totaled for the entire company and broken down by tax type.

This report can assist you in reviewing taxes in advance of quarterly filings. It will help you identify where there may be tax discrepancies that need investigating.

You can review employee-level data to identify the sources of these discrepancies in Quarterly Tax Reconciliation (Employee by Check Date) Report and Quarterly Tax Reconciliation (Employee by Quarter) Report. 

DOWNLOADING THE REPORT

The Quarterly Tax Reconciliation (Company Report) can be found by going to Reports > Date Range in Namely Payroll. It is in the CSV Reports section.

TIP:

Using a Control+F (for PC) or Command+F (for Mac) search for "Quarterly Tax" will help locate the report. 

USING THE REPORT

This report is helpful for identifying potential tax discrepancies, which can be found by reviewing these columns:

  1. Review the list of taxes in Column C to confirm that there are taxable wages and taxes withheld for all states where you have employees.

  2. Taxable Wages and Total Tax (i.e., taxes withheld) appear in Columns E and F, respectively, and should be reviewed.  

Potential Discrepancies

  • State unemployment taxes: If there is a tax for which you have taxable wages, but no taxes withheld, you may have discovered an issue. It is possible that taxes are owed, or that an employee moved mid-year and met the taxable wage base in their previous state.

  • Any withholding taxes: If there is a tax for which you have taxable wages, but no taxes withheld, you may have identified an invalid tax code setup. You should verify that you have business nexus in this jurisdiction and that wages are correctly applied to that jurisdiction.

 If you've identified any potential discrepancies, we recommend using the Quarterly Tax Reconciliation (Employee by Check Date) Report and Quarterly Tax Reconciliation (Employee by Quarter) Reports to drill down into the root causes of the discrepancy.  

CASE SUBMISSION INSTRUCTIONS

If you've identified an issue with your taxes, you'll want to open a case in the Namely Help Community to ensure proper filing. Make sure to include:

  • The particular tax type for which you are seeing the discrepancy.

  • Any employees you believe to be the source of the discrepancy.

  • Any taxable wages or taxes withheld amounts that you need to be updated for these employees.