2022 Year-End Bulletin: Early Season Updates and Change to Guide Delivery

Welcome to your 2022 Year-End Processing Bulletins!

These emails will serve as periodic reminders of tasks, deadlines, and updates on any changes to the published processing schedule or timeline of events.

Historically, a printed paper copy of a year-end processing guide is delivered to your credit union each year in late October/early November. While these printed guides have been a mainstay for many years, they have become a bit of a relic; due to tight and often unpredictable timelines between the IRS publishing of yearly tax guidance and the time it takes to produce and print the booklets, by the time the paper copies arrive to credit unions, some deadlines may have already passed. Additionally, as we’ve learned, things can change rather quickly, and often times require updates to the processing guides that render portions potentially inaccurate or obsolete. That is why this year, we are trying something a bit different – for the first time, no paper copies of the year-end processing guide will be delivered to your credit union!

This change will allow us to keep the most up to date information available to you online at all times, using the PDF versions of the guides that are able to be updated and quickly posted with any new relevant information. That, in combination with these bulletins and a quick view year-end page in the Help Hub, will provide your entire staff with instant and accurate information as to the state of all things year-end processing.

August 2022 Year-End Update

Right now, our teams are preparing to review the IRS tax publications once they are released. We do not anticipate any large changes as far as member processing is concerned. Our teams will meet to solidify deadlines for processing early next month, and anticipate both the guides and Help Hub page will be ready for publication soon after the IRS guidance has been made available; a follow-up bulletin will be sent with relevant updates.

• As always, be sure to keep on track with your Month End Processing Tasks.
• Online credit unions can begin reviewing and updating the Tax Form Handling Instructions (Tool #916) screen beginning September 1. For self-processing credit unions, the tax form archival instructions for the 2022 processing year will be made available soon.
• If you plan to offer 1042-S statements to your members, a new free product has been made available in the store to easily sign up and engage the OpsEngine and Client Service teams to ensure that your processing is completed along the correct timeline. Complete the task here > https://store.cuanswers.com/product/producing-1042-s-tax-forms-for-your-credit-union/

Our Advice for a Smooth Year-End

• Select a coordinator to assign tasks and ensure they are complete.
• Review the guide carefully, including any post-publication updates.
• Review deadlines in advance to avoid missing a task and incurring a fee.
• Have all year-end staff attend year-end training.
• Pay special attention to year-end emails as requirements may change.
• Ask questions! Our teams are here and ready to assist.

We look forward to making year-end 2022 another successful team effort!