Preparations are underway for numerous holiday events and outings, but for small business owners, other year-end activities take center stage.
The following are some steps that must be taken by business owners who handle their payroll functions in-house:
- Have employees confirm their address and Social Security numbers. Use the Social Security Administration’s Social Security Number Verification Service for those numbers that don’t match your records.
- Find out when your software provider will publish tax updates for 2018.
- After filing your third-quarter Form 941, verify that your records match the totals on all three forms. Identify any over- or under-reporting of income or wages, and adjust tax overpayments or underpayments on your fourth quarter 941.
- Check deduction codes for employees making charitable contributions through payroll deductions. If you choose, you can report those amounts in Box 14 of their W-2s.
- Review the holiday processing schedule. Remind your managers of the dates employee time sheets are due to payroll because of the holiday schedule.
Please let us know if you have any questions and we can help your year-end preparations go smoothly.