As we head down the stretch to year-end 2017 now is the time to review your company’s goals, take advantage of any last-minute tax strategies and review your record-keeping.
Payroll Year-End Checklist
- Verify active and terminated employee data (addresses, name changes, emails)
- Determine any year-end bonuses
- Verify and review benefit information for your employees
- NOTE: Any personal use of company provided vehicle benefit amount should be calculated for inclusion in employee(s) W-2
- Review employee wages, sick time, and vacation hours
- Review and update employees W-4 / federal withholding status if necessary
- Verify and update your State Unemployment and State Disability Insurance rates prior to running first Payroll in the new year
- If McIlvain & Associates processes your Payroll, please provide us with your State Unemployment and State Disability Insurance rates for the new year.
- Verify 1099 Vendor Information for 1099 and 1096 form filing; please provide us information for preparing the 1099’s by January 15th
*IF YOU WILL BE FILING 1099 FORMS, CLICK HERE: FOR VERY IMPORTANT INFORMATION REGARDING YOUR REPORTING REQUIREMENTS.
Specific to S-Corps
- If our office prepares your payroll, please verify and provide us with your health insurance premiums paid in 2017 so they can be included on your W-2.
- If you use another payroll service or prepare your own payroll make sure to include medical premiums paid to the S-Corp owners on payroll before the end of the year so they will be included on your W-2. Call our office or your payroll administrators if you need assistance.
If you have any questions or would like to schedule a Tax Projection before year-end, please call our office or respond to this e-mail. To assist you with collection of your business and personal tax records, helpful checklists can be found on our website: www.mcilvain.net/resources.