Ensure Tax Compliance and Correct Payments
East Bay Payroll Pros Provide Year End Insight
As 2023 comes to a close, many people will start using up their PTO, preparing for the holidays and tying up loose ends in preparation for the end of the year. As a business owner or leader, it might be tempting to cruise into the New Year, but there are a few things you should make sure are done before this year ends.
Our company provides payroll services for many companies here in the East Bay as well as businesses of all industries and sizes across the nation. We have the expertise needed to correctly handle your entire payroll operation, and it’s our goal to help you reach your goals by taking away the tedious and time-consuming process of accurately performing payroll duties.
In the sections to follow, we will go over a few items to address before the end of this year. By being proactive and getting these items done correctly, you will be able to kick off 2024 with no added baggage from this year. If you read this article and feel like you need assistance, we’re here to help!
Verify Employee Information
Your employees will be receiving critical tax documents and other important information this time of year, so it’s important to take the time to verify you have the correct address, email, social security number and other info so you can get them the documents they need. Even if you have a small team, taking the time to ensure their info is up to date can help to eliminate potential issues down the road.
Calculate Year-End Bonuses
Many people count on their bonuses to finance vacations, gifts and other large purchases around the holidays. By being proactive and calculating these bonus amounts ahead of time, you can ensure your people are fairly paid and have the funds they need to fully enjoy their holidays. While you might not typically do so, many companies have found success in paying out bonuses a little early. This seemingly small gesture might seem like a small thing, but it can have a big impact on morale.
Check PTO Balances
Depending on your company policies, your people could possibly lose their time off if they don’t use it by the end of the year. If your vacation time, sick time or overall paid time off doesn’t roll over, it’s important to help your people understand how much they have left and let them know it will go away if it’s unused. By being proactive here you can help avoid potential morale issues, or you can be prepared for an expense if your policy states PTO is paid out at the end of the year.
Stay Tax Compliant and Be Proactive
Year-end always means tax time, and if you prepare W2s and 1099s as soon as possible it will help you stay ahead. Ensuring all tax balances are paid correctly is also essential this time of year to avoid any penalties.
To learn more about how we can help with these items or any other payroll needs, browse our website or give us a call today.
Social Post: With the end of the year fast approaching, our payroll pros discuss a few items to be sure to address before December 31st. Check out this article for some insight which can set you up for success in 2024 and keep your employees happy through the holidays.
