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End of Year Payroll To-Do List

  • Remind employees that if there has been a change in their filing status due to a marriage, divorce or dependents that they may want to file a new W-4 for 2014.


  • Check to be sure that employee paycheck names/SSNs match their Social Security cards and W-4 Data.


  • Remember that for tax purposes any checks or electronic wages dated in 2014 are 2014 wages, even if earned in 2013.


  • Check all Social Security withheld.  Did any employee exceed the limit withheld of $7,049.40?  If so, leave yourself enough time to make an adjustments and refund.


  • If you use a 3rd party payroll company, check to be sure that all payroll liabilities that are to be paid on your firms behalf are being made.  The IRS holds your firm accountable for payments – not the 3rd party payroll company.


  • Before W-2s are issued, check to be sure the wages match your 941/944 and 940.


  •  Remember that W-2 copies B, C and 2 must be in the employees’ possession or postmarked by January 31, 2014.


  • 1099-Misc copies B, C and 2 for Independent Contractors you paid at least $600 for tax year 2013 must be postmarked by January 31, 2014


  • Before you run your first 2014 payroll, be sure to update any W-4 information changes and your firm’s Unemployment Insurance rate


  •  Watch for more critical 2014 dates coming soon and contact me with any questions!