There is so much to consider when it comes to business year end.
Year-End Planning Webinar
Our Year-End Checklist is Here!
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A few highlights from our year-end checklist
Some Things to Consider in November
Verify all your company information is correct
- Federal & State tax ID numbers
- Legal name & business address
- State Unemployment Tax rates
Prepare yourself for Affordable Care Act annual reporting
Begin gathering year end W-2 adjustments
- S-Corporation shareholders’ health insurance premiums and mileage reimbursements
- Group term life paid on behalf of employees over $50,000
- Third party sick pay
- Personal use of a company vehicle
- Non-cash payments like gift cards or other “fringe benefits”
Prepare for Veterans Day & Thanksgiving payroll processing
Veterans Day is Friday, November 11th. Banks will be closed so submit your payroll early!
Thanks giving is Thursday, November 24th. Banks will be closed so submit your payroll early!
December Tasks to Complete
Process all manual & voided checks
Review 3rd party sick pay
Report fringe benefits
A fringe benefit is any form of payment for performance of services. Generally, these are things like gift cards, employee gifts, personal use of a company car, gym memberships, etc. These are considered taxable wages and must be reported on an employee’s W-2.
Process your final payroll of the year
- Employee names, addresses and social security numbers should be reviewed and accurate.
- Final benefit deductions, PTO pay outs, fringe benefits, etc are accurate.
Items to Finish Up in January
Submit 1099s for preparation
You must provide 1099s to any independent contractors who have worked for you in 2022 no later than January 31st!
Review and update 2023 retirement contributions
Download, print & display current labor law posters
Send W-2 and 1099 forms to your employees
It is your responsibility to distribute/mail W-2s & 1099s to your employees before January 31st!