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Don’t let year-end duties ruin your Thanksgiving dinner

by on
in Office Management,Payroll Management

Take a few minutes now to run down this checklist and your Thanksgiving feast will be unperturbed.

Confirm year-end deadlines and final 2013 federal/state deposit dates. Reminder: The day after Thanksgiving is a regular federal deposit date; schedule the deposit ahead of time, if you need to.

Schedule special year-end reports to/from other departments.

Schedule bonus payrolls.

Update your W-2 software and run samples on plain paper; shred samples before tossing them.

Check your Social Security Administration (SSA) website password; passwords expire every 90 days, so you may need to create a new one.

Check with exempts regarding their reporting of accrued time off through November, and whether they’re planning to take time off next month.

Send memos to employees showing 2014 paydays, the new Social Security taxable wage base, 401(k) pretax limit and state unemployment/disability wage bases, if applicable.

Review posting descriptions on nonrecurring journal entries.

Post employees’ benefits/payroll adjustment data. Include: relocation allowances, educational assistance, group-term life insurance, third-party paid sick pay and manual and void checks.

Document gross-to-net calculations for manual checks; ensure that manual checks and voids are entered properly; review the general ledger accounts.

Reconcile the tax register; also reconcile bank accounts through November and ask your bank to prepare an early cut-off statement for December.

Head off last year’s problems for this year. Consider: Was the mailroom notified of the volume of out-going mail when W-2s were mailed? Was there enough postage in the postage machine?

Check the IRS website to ensure that you have the most recent Forms 941, 940 and 945.

Email 2013 black-and-white substitute W-2 (Copy A) and W-3 forms to the SSA for approval: copy.a.forms@ssa.gov.

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