Payroll: Go directly to year-end, do not pass go, do not collect $200 — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

Payroll: Go directly to year-end, do not pass go, do not collect $200

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in Office Management,Payroll Management

Things return to a more normal pace after Labor Day. But normal for Payroll is still hectic. If you take a few minutes now to complete the items on this checklist, you’ll have an easy start to year-end 2014.

Verify your 2015 deposit schedule. Monthly depositors in 2014 will deposit semiweekly in 2015 if the total taxes on the four 941s filed for the last two quarters of 2013 and the first two quarters of 2014 exceeded $50,000.

Ensure that managers who participate in nonqualified deferred compensation plans have the proper amounts withheld from their distributions.

Review time records to determine whether employees and managers are completing them correctly.

Plan holiday pay schedules by reminding managers of the deadlines for submitting time sheets.

Send 2014 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. Go to http://tinyurl.com/futaloans to see the status of loans to your state.

Review vendor files for vendors’ Taxpayer Identification Numbers (TINs). Solicit TINs by sending them Form W-9. Begin compiling Form 1099-MISC data for tax year 2014.

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 a grace period or rollover option should inform employees that they will forfeit amounts left in their accounts at the end of the year. Idea: Employees can accelerate expenses into this year.

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