Year End Payroll Housekeeping
It is that time of the year when we start to think about W-2’s and year end payroll tax returns. Intuit provides us with a great year-end guide that may make this time of year more organized for you. One important thing to note, if you send out 1099’s to subcontractors, attorneys, landlords…the deadline has changed to January 31, 2017. Congress enacted this change to combat fraud. See the details here on this change.
So, you may want to purchase your forms for the W-2’s and 1099’s now. Additionally, you may want to:
- Verify the employees information on your file, update any addresses.
- Give out bonuses for year end.
- Make sure terminated employees have all of their information added correctly; put in the termination date.
- Review employees sick time and vacation time
- Make sure that you update your new SUTA rate (we already received our notice from the State of Florida) for the 2017 payroll
I am now using QBO full service payroll and absolutely love it. I have a wonderful contact person (cheers to Amber!) and it makes the thought of next month so much easier. I will not have to do that additional year-end work. If you are thinking you may want to move to QBO payroll, contact me and I will give you the pluses and minuses on the two types they offer and maybe a better price.
Merry Christmas! Happy Holidays!