At this point of the year, you are likely well underway completing Year End responsibilities, but still thinking ahead about remaining tasks that need to be tackled. This overwhelming workload paired with the impending holidays can lead to forgotten tasks and potentially serious compliance issues. To help you stay on track, we’ve prepared a helpful checklist highlighting important tasks and deadlines to ensure you end the year stress free!
✔ Review W-2 previews and ACA Dashboard
• Verify a minimum of 10 employees’ wage totals; federal, state, and local boxes; and earning and deduction mapping.
• Verify all ACA information for accuracy.
✔ Run final payrolls and reporting
• Run all final bonus and adjustment payrolls.
• Record all third-party sick pay, SCORP, GTL, PUCC, and other fringe benefit information.
• Report all 1099 employee information.
✔ Deliver W-2 and 1099 forms
• Verify the address to which you’d like your W-2s sent, as this can vary from your normal delivery address.
✔ Set up insurance and other benefits
• Ensure all medical, 401(k), and other deductions are set up for the new plan year
✔ Review accruals
• Review how your accruals will reset for the year to avoid any confusion.
• Verify carryover and maximum balance setups to ensure a smooth transition into the New Year.
✔ Review state unemployment rates
• Ensure any rate updates you receive from states and agencies are updated.
Year End doesn’t have to be a daunting task. With the right tools, like Paylocity’s Year End Dashboard, you can finish out the year successfully and spend more time considering company goals and initiatives. Discover more about our powerful dashboard technology here.