Are You Ready For Year-End?

HolidayGiftSome people make lists for their groceries or errands, others for their Christmas shopping- this time of year employers have one very important list they’ll need to check twice: year-end preparation.  Coastal Payroll has put together a list of items that should be on every employer’s year-end checklist:

 

  • 1099 Contractors and Vendors:  Did you pay any contractors and vendors this year for which you would like us to prepare/file the 1099’s on your behalf?  If so, you’ll need to compile their tax IDs, addresses, and YTD amounts paid.
  • Manual Checks and Adjustments:  In a rush and paid any employees outside of payroll? All earnings need to be recorded in payroll so that they can be reflected on W-2’s.  Add a “manual” or “additional” online in Paychoice or iSolved to get this in by our December deadline!
  • Bonuses: If you’re giving away bonuses this year, you’ll need to decide if you’ll be including these checks on the same payroll or running an additional pay run.  Coastal Payroll suggests running an additional pay run which helps keep the bonuses a surprise!  Additional items to consider when paying bonus checks to your cheery employees:  deductions, tax frequency, gross-ups, and method (paper checks or direct deposit)
  • Affordable Care Act:  Will your business be an “applicable large employer” for 2014, thus sparking additional thought and consideration?  Visit our ACA resources section on the Coastal Payroll website or reach out to your dedicated payroll specialist for more details.

We understand there are many items to consider when wrapping up the year and Coastal Payroll is here to make sure it runs smoothly!