The end of the year is nearing, and it’s time to get organized and prepared for your year-end process as a small business owner or HR department of one. This year-end payroll and human resources checklist will help you prepare and ensure you’ve met the requirements for your business.
Year-End Payroll Checklist
For small businesses and HR departments of one, the end of the year can be incredibly complex – and the stakes are high. Errors can lead to erroneous tax returns for employees, leaving them in a position where they overpaid or owe unexpectedly. Here are the items that should be on your end-of-year checklist:
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Verify that the business information you have built in your system/on file in other systems is still accurate to ensure it prints accurately on all your end-of-year documents. Specifically, check your business name, address, structure, federal employer identification number, and state employer identification number.
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Notify employees of any unused benefits and the consequences of not using them by the end of the year. Benefits to consider include flex spending accounts and paid time off.
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Perform an audit on payroll and tax entries for the entire year, ensuring accuracy.
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Order W-2s, W-3s, and 1099s in advance to ensure you have them available when you’re ready to print.
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Confirm employee information and update addresses where necessary to ensure all employees receive their end-of-year tax forms.
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Print and distribute forms W-2 and W-3 for each employee by January 31st.
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Print and distribute form 1099 for contractors by January 31st
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File form 941 with the IRS and deposit FUTA taxes by January 31st
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File form 941 with the IRS (or annual form 944, depending on your set up) by January 31st
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File your annual business tax return according to the specified due date, dependent on the structure of your business.
Simplifying End-of-Year Payroll and HR Work
End-of-year HR and payroll steps can be tedious and monumental when it comes to engagement, retention, and business risk. Tired of trying to manage this alone? ASAP Payroll is your partner, offering payroll and HR solutions that automate each step and give you access to experts in this arena all year long.
To learn more about ASAP payroll or explore solutions to make the end-of-year process easier next year, request a quote today. We specialize in helping organizations automate payroll and payroll tax forms for improved customer service, compliance, and costs. When it comes to end-of-quarter or end-of-year filings, we’ve got you covered!
