Year-end checklist for employers

Courtesy of PayChex, below is a year-end checklist for employers.

Have you reported the following information?

  • All payroll checks issued in-house
  • Voided checks
  • Employee pension information
  • Group Term Life adjustments
  • Tax deposits made for an amount other than the amount on the deposit notice
  • Tip allocations for TEFRA
  • Other compensation adjustments paid to employees that need to be included on employee W-2s
  • Taxable fringe benefits\Third-party sick pay benefits
  • Educational assistance reimbursements
  • Identification numbers for every tax agency

Have you double checked the following?

  • Are employee names and addresses correct?
  • Do all employees have valid social security numbers?
  • Do all 1099 payees have valid social security numbers or Taxpayer ID
  • Are the correct identification numbers printed on every return?

For more information on year-end planning, contact your ShindelRock tax professional.