Making Cents: 2024 Q1 newsletter

Entering into TAR season

As we enter into 2024, one of the requirements of the SMART Constitution requires that the Treasurer’s Annual Report (TAR) be presented to the membership and then filed prior to the conclusion of the first fiscal quarter in March. Local trustees are to assemble this month to perform an annual audit of a Local’s finances, and review the receipts and disbursements for the prior year before signing the report. The report is then presented at a Local meeting and copies are filed and submitted to the SMART-TD offices before a March 31st deadline.

Local Treasurers can work along with Trustees to review the Local’s books to show a better, more detailed position of the Local’s fiscal outlook along with its compliance with SMART constitutional and federal requirements.

The TAR is produced through WinStabs and there’s plenty of documentation in the Local Toolbox to help you along in this process under the “Required Reports” header. Guides include:

• Generating the Treasurer’s Annual Report (PDF)
• TAR — Treasurer’s fillable explanations (PDF)
• Trustee Audit Guide (PDF
• Wage & Reimbursed Expense documentation (PDF)
• How to pull EFTPS history (PDF)
• Find your year-end variances by following the menu in TD Connect: Reports > End of Year > Member Variance

Other steps will help you to make composing the report easier. These include:

• Having documentation of the past year’s Local meetings and the physical assets of the Local.
• Having the Local’s EFTPS PIN handy or establishing an account via EFTPS.gov.
• Checking that Treasurer info is accurate and current.
• Reviewing LCA Maintenance, updating the task list, keeping and reconciling checking and savings statements and being current on eBills in WinStabs.

Special note:

Send a copy of the signed and balanced report, the December bank statements for all Local accounts (checking, savings, investments) and the EFTPS history to the TD office.

Email to: localreports@group.smart-union.org or mail to:
Attn: Local Support Department
SMART Transportation Division
6060 Rockside Woods Blvd., N., Ste. 325
Independence, OH 44131-2378

W-2 deadline approaching

These forms are due January 31st, and can be filed easily online using either the Social Security Administration’s Business Services Online (BSO) or an online filing service such as the Local Support Department-endorsed Tax Bandits.

After you register with the BSO, the Social Security Administration will mail you an activation code to complete the process. This includes those submitting W-2 and W-2C reports.

Here’s a video about how to use SSA’s free W-2 online website.

An additional streamlined option is to file W-2s using TaxBandits.com.

Once you have a TaxBandits account, you can also submit other IRS forms through the eFile process and skip the post office. You also get an acceptance letter via email and can confirm the IRS has the filling.

If a BSO account isn’t already activated for the Local, the Local Support Department highly recommends using Tax Bandits to file W-2s for calendar year 2023 to meet the deadline.

Sharpen your skills with online seminars!

If you have not had a chance to visit one of the in-person S&T trainings, not to worry!

At the end of January, the TD Local Support Department will be holding three online trainings via Microsoft Teams on Jan. 30 and 31st centering around introducing new treasurers to the responsibilities of the position and preparing the TAR.

More details are available under the Training and Events category of the Local Toolbox page and registration is required. For details or to suggest additional trainings, email Local Support Department Supervisor Katy Andrijowych at kandrijowych@smart-union.org.

On SMART University, the TD Local Support Department also has created short modules about WinStabs to enhance your knowledge and an officer training portal for officers both new and old helps educate and keep your local running smoothly at all levels!