Hello, Toast community! I’m here with another important end of year Tip Tuesday topic: Taxes! I know it’s not quite tax season yet, but many things are submitted at the start of the year, and we want to be sure you’ve got everything in place for a smooth tax season.
Missing data in your system may result in incomplete and/or inaccurate tax filings and can also cause tax notices resulting in penalties/interest fees being assessed. Toast Payroll highly recommends that businesses enter any and all missing data before January 5, 2023. If we detected that you’re missing information, you should be receiving an email from the Payroll team but it’s always a good idea to double-check that you have everything in order!
Please follow these steps to review and complete missing data by January 5, 2023, to avoid potential penalties and fees and to allow Toast Payroll to successfully file taxes on your behalf:
- Log in to Toast Payroll and navigate to Company > Setup > Payroll > Missing Data. Use this Toast Central resource as a guide for the Missing Data page.
- In the Business Data section, if you see an EIN in the “Applied For” state: Please email your EIN to tax@toasttab.com immediately.
- In the Employee Data section, if any employees are missing an SSN: Please input employee social security numbers yourself, or encourage each employee to log in to the Toast Payroll system and enter the number on their profile.
Q: I'm unable to find my EIN. What should I do?
A: Use this Toast Central guide to help you. You might need to get in contact with the appropriate tax agency. Most tax agencies will provide a business owner, officer, or partner with their EIN directly via phone. State tax accounts are set up and managed by your company and the EIN provided ahead of year-end tax filing.
Q: I was unable to get my missing data into the system before the quarter/annual deadline. What should I do now?
A: Information received after January 5, 2023, will likely not be included in your Q4 or annual filing. This may result in a filing rejection at the time of filing. If your filing is rejected, Toast Payroll will work with you to attempt a refiling. We advise you to work with your CPA or tax advisor should you find yourself in this situation. Avoid ambiguity or filing rejection by supplying the EIN information to Toast Payroll in a timely fashion.
Many jurisdictions no longer accept electronic filings if employees do not have a valid social security number. If not remedied, electronic filings with invalid or erroneous social security numbers may be assessed penalties, interest fees, and/or additional repercussions by governing agencies. Additional billing fees may apply. Toast, Inc. by and through its designated agents and representatives is not liable for incomplete or inaccurate filings, or for the contents therein. If you are unable to obtain a valid social security number from the employee please consult a licensed professional.
This content is for informational purposes only and not intended as legal, accounting, tax, HR, or any other professional advice. You are responsible for your compliance with all applicable laws and regulations. Please contact an attorney or other licensed professional for advice specific to your circumstances.
