The Three Cs of Year-End Preparation
Year-end is a busy time for businesses, and it can be stressful to think about all the things you need to do to prepare for the end of one year and the beginning of the next. According to Paycor's own payroll expert Arlene Baker, year-end preparation can be broken down into three Cs: checklist, communicate and coordinate. If you follow the three Cs, year end will seem less overwhelming.
Checklist
Give yourself peace of mind by getting organized with a year-end checklist. Walk through everything you need to do to close out this year and begin the next. Items on your checklist could include:
* Verify employee information to ensure correct W-2s
* Verify that company information, such as state unemployment rates, is
correct
* Request to have your payroll provider hold your books open if
necessary
* Reconcile all four quarters of 941s
* Report all independent contractors' earnings for 1099s
* Anything else that may be unique to your company’s year-end
preparations
Communicate
Be sure to communicate with the people who are providing you with the year-end information you need, such as your company’s controller or your CPA. Once you have that information, communicate it to your payroll provider.
Coordinate
It’s important to coordinate with your team on any details around finalizing the year-end process. Examples include:
* Determining at what point you need all the necessary information to
make your payroll processor’s deadlines
* Ensuring you are prepared for compliance in the coming year by
updating state unemployment rates
* Deciding on next year’s payroll schedule
* Updating for next year any employee pay rate changes and benefit
accruals such as paid time off
Following the three Cs of year-end—checklist, communicate and coordinate—can help you stay on top of your year-end tasks.
Buyer's Guide To HCM And Payroll Technology
An HCM platform is the foundation of your business, and choosing the technology is one of the most important decisions you'll make.
Get ExpertiseMore to Discover
CMS Waives Quality Reporting Requirements Due to COVID-19
Many government officials are worried the Coronavirus outbreak will overburden the U.S. healthcare system. In a drastic effort to help healthcare providers focus on patient care rather than paperwork, the Center for Medicare & Medicaid Services (CMS) will waive multiple key quality reporting requirements. What Does CMS Waiving Reports Mean for Healthcare Providers? Q4 Reporting Deadlines Are Now Optional The deadlines for 2019 data submission for the Medicare Shared Savings Program, the Quality Payment Program, and affiliated merit-based incentive program (MIPS) will be extended from March 31 to April 30, 2020. MIPS eligible clinicians who miss the April 30 deadline will qualify for the automatic and uncontrollable circumstances...
How to Make Tax-Free Disaster Payments To Employees
The pandemic is putting a big strain on everyone, maybe most of all your team, and you want to do everything you can to help.In a national emergency, employers have the freedom to offer unlimited tax-free financial assistance to employees who need it, with minimal administrative burdens. These disaster payments will be exempt from both federal income and employment taxes. What Disaster Payments Cover Disaster payment to affected employees can cover a broad range of “personal, family, living or funeral expenses (not covered by insurance)”. These may include: Unreimbursed Medical Expenses This can range from vitamins and over-the-counter medications to co-pays. Cleaning Products Disinfectant and hand-sanitizer for employee’s homes can help...
Paycheck Protection Program (PPP): What You Need to Know About Payroll Protection
You need payroll protection. The federal government wants to help. Here’s what you need to know. The Paycheck Protection Program (PPP) As part of the $2 trillion aid package unveiled in the Coronavirus Aid Relief & Economic Security (CARES) Act, $349 billion was dedicated to the Payment Protection Program (PPP). This offers federal guaranteed loans to businesses with fewer than 500 employees to cover payroll and other essential costs.The federal government is focused on releasing funds quickly and with as little red tape as possible, giving small businesses a big boost right when they need it. And here’s the best part—if you use the funds to retain (or rehire) your employees, the loans don’t need to be repaid.View Payroll Protection...