2023 Year-End Road Map
Use this road map to guide your end-of-year processing: IRS Forms Processing and Reporting, General Ledger Closing, and other Year-End tasks.
First, we strongly recommend that you print and read the four attachments to this posting.
1. Click here for the IRS Forms Letter for 2023.
2. Click here for the IRS Electronic Filing Transmittal Sheet for 2023.
3. Click here for the CAMS-ii Year-End Checklist.
4. Click here for the After Year-End IRS Tax Forms Checklist.
This road map is divided into two sections: Before Year-End Processing and After Year-End Processing.
Before Year-End Processing
+ Fill out the IRS Electronic Filing Transmittal Sheet.
+ Return the IRS Electronic Filing Transmittal Sheet to CBS per the instructions on the sheet.
+ Complete steps 2 through 12 on the Before Year-End Checklist section of the Year-End Checklist by December 15th.
+ On December 29th/30th/31st, review the reports again that are mentioned in the Before Year-End Checklist section of the Year-End Checklist.
After Year-End Processing
+ Review/Change the IRA/HSA settings under Back Office > Standard > Parameters > Control-IRAs/Control-Health Savings. (See the After Year-End IRA/HSA Checklist section of the Year-End Checklist for more details.)
+ Complete the After Year-End Closing the General Ledger section of the Year-End Checklist.
+ Complete the After Year-End IRS Tax Forms Checklist.
+ Before 1/15/2024, if your CU has any 1099-NEC forms, create the IRS Electronic Files for CBS (See the How To Export the IRS Tax Data Files to CBS Services section on page 5 of the IRS Electronic Filing Transmittal Sheet).
+ After 2/15/2024, create IRS Electronic File for CBS for all other IRS forms (See the How To Export the IRS Tax Data files to CBS Services on page 5 of the IRS Electronic Filing Transmittal Sheet).
Please submit any questions regarding this road map and/or its attachments to the CBS support via our ticketing system (CTT).
Regarding NSF Fees For Re-Presented Items
Since charging multiple non-sufficient funds (NSF) fees for the same item could potentially cause compliance issues for credit unions, we are making some programming changes to help identify, track and mitigate these risks.
We will be creating a daily report that shows draft and ACH re-presented items that were previously charged but not charged an NSF fee that day.
We are in the beginning stages of programming and testing these changes but wanted to notify everyone that we are trying to help with this situation.
If you have any questions regarding the contents of this post, please contact CBS Support using our ticketing system (CTT).