Be Prepared with this 2018 Business Payroll Year-End Checklist

The end of 2018 is quickly approaching, so it’s important that everything is in order to ensure there are no surprises when the time comes to file taxes. Year-end tax planning for small businesses isn’t something to put off or ignore. It’s important to look at your books and think about how your company is likely to fare for the rest of 2018 and into early 2019. Moreover, by looking at your business over a longer period of time, you can make better decisions not just about money, but about running your business. Use this 2018 business payroll year-end checklist below to assist you with your company’s planning so there are no surprises when it come time to file your business taxes.

Payroll

• Reconcile manual checks to annual totals
• Send a reminder to employees to verify social security number and address on pay stubs
• Review taxable fringe benefits that must be posted into payroll for W-2 reporting
• Capture all information (ex: personal use of company car, relocation, bonuses, etc.)
• Check third-party sick pay (short or long term disability) postings to make sure you have captured all information required
• Create a list of outstanding checks to ensure you comply with your State Escheat Laws (unclaimed property)

Human Resources

• Verify home addresses for all employees
• Reconcile all vacation/sick and/or Paid Time Off balances for year-end payout or carryover, if applicable
• Move current year terminated personnel files to storage
• Remind employees to file an amended W-4 if there has been a change in their filing status, exemptions, etc.

Benefits

• Verify current employee and accurate dependent coverage
• Distribute new health/dental insurance cards
• Compile census information for retirement plan testing (highly compensated)
• Review list of which employees have life insurance over $50,000 to report taxable income for taxable group term life insurance
• Verify Flexible Spending Account balances to confirm that employees will have their total amounts deducted by the end of the calendar year

Wish you could get someone to help with all these responsibilities? That’s what GTM is here for. We’ll take care of all year-end preparation for you so you can focus on growing your business in 2019. Request a free quote today to learn more.