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What? Year-end already!

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in Office Management,Payroll Management

We can already hear the collective “@#$%&!” from Payroll managers across the nation. But the world turns, and now it turns once again to year-end. Take a few minutes now to run down this checklist, and you’ll almost certainly have a smooth start to year-end 2013.

√  Verify your 2014 deposit schedule. Monthly depositors in 2013 deposit semiweekly in 2014 if the total taxes on the four 941s filed for the last two quarters of 2012 and the first two quarters of 2013 exceeded $50,000.

√  Ensure that employees’ 0.9% additional Medi­­care tax is accumulating properly. Ascertain whether any interest-free adjustments need to be made, and begin the process now.

√  Plan holiday pay schedules by reminding managers of the deadlines for submitting timesheets.

√  Send 2013 W-4s to employees. Employees can compare their withholding to their tax liability and refile if they’re underwithheld. Use these W-4s to fulfill your solicitation duties, if you receive a notice from the IRS that an employee’s name/Social Security number doesn’t match.

√  Review budgets for state/federal unemployment taxes. Prepare to receive a smaller FUTA credit if your state has outstanding federal loans. See the status of loans to your state on the Department of Labor's website.

√  Review vendor files for vendors’ Taxpayer Identification Numbers (TINs). Begin backup withholding for vendors that didn’t provide their TINs prior to payment. Solicit TINs by sending them Form W-9. Begin compiling Form 1099-MISC data for tax year 2013.

√  Remind employees to inform you of name or address changes, beneficiary changes, changes to pretax deductions and changes to direct deposit accounts.

√  Research outstanding checks that are older than 30 days. Post unclaimed checks to an unclaimed earnings account.

√  Health flexible spending accounts without grace periods should inform employees that they will forfeit amounts left in their accounts at the end of the year. Option: Employees can accelerate expenses into this year.

{ 1 comment… read it below or add one }

Carolyn Thornton September 10, 2013 at 1:34 pm

Never too early to begin year end preparation!

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