Keeping Pace with the Year-End Process ~ Symphony Employer Solutions Keeps YOUR Business Compliant

Keeping Pace with the Year-End Process

As the calendar pages fall away, the final quarter of the calendar year is approaching the final month to
make sure everything is addressed properly. Now is the time to assess progress with closing out the
payroll year and to take stock of what still needs to be completed.

Activities that are best addressed in November include:

  • Start verifying your company information, including company tax ID’s, W-2 delivery addresses, and email addresses are accurate in your system.
  • Start verifying employee and contractor information is accurate and complete. This will eliminate W2 and 1099 errors.
  • Finalize Thanksgiving payroll process schedule taking into account the holiday and notify Symphony/or your provider of any changes to your regular processing schedule
  • Start verifying your employee’s YTD earnings and deductions. Any compensation missing? Any
    overstatement?
  • Review third party sick pay, if applicable
  • Review fringe benefits, if applicable
  • Gather data required to meet 2021 ACA reporting requirements, if applicable
  • Call Symphony/your provider to discuss special year-end needs and/or schedule a one-on-one
    appointment to review ACA updates and submission processes.

Year-end activities that are best addressed in December

To review December activities that ensure a smooth closeout to the year, refer to our post, The Importance of the Year-End Close – Our Year-End CHECKLIST.

MA Extends COVID-19 Emergency Paid Sick Leave Mandate

MA Extends COVID-19 Emergency Paid Sick Leave Mandate

Just hours before expiration, Massachusetts Gov. Charlie Baker signed legislation extending the mandate for state employers to continue providing emergency paid leave related to COVID-19. These COVID-19 paid leave obligations will now continue until April 1, 2022. MA...

read more
Update on MA PFML: Benefits Increase While Rates Fall

Update on MA PFML: Benefits Increase While Rates Fall

There have been recently announced changes to the Massachusetts Paid Family Medical Leave laws. On October 1, 2021, the Department of Family and Medical Leave announced that starting in 2022, the maximum benefit under PFML will increase, yet employer contributions...

read more
Federal & MA COVID-19 Leave Laws Set to Expire September 30

Federal & MA COVID-19 Leave Laws Set to Expire September 30

As of September 27, 2021, both the federal and the Massachusetts COVID-19 leave laws are set to expire on September 30, 2021, and it does not appear that either the Federal or State legislatures will be extending these laws. Click here for information on the specifics...

read more
Understanding When to Use a State W-4

Understanding When to Use a State W-4

What is a State W-4 Form? A state W-4 Form is a state-specific tax document that serves as a guide for employees to calculate their state tax withholding requirements that translates into a specific amount based on each paycheck to go towards state taxes. It works...

read more
Protect your Business with Periodic Payroll Audits

Protect your Business with Periodic Payroll Audits

For many small and medium-sized businesses, processing payroll presents the greatest risk for costly errors and the least protected financial activity when it comes to potential fraud. Both exposures can be well managed with a periodic payroll audit. Use the Symphony...

read more
Connecticut Now Requires Disclosure of Wage Ranges

Connecticut Now Requires Disclosure of Wage Ranges

Connecticut addresses wage ranges with HB Number 6380 entitled "An Act Concerning the Disclosure of Salary Ranges," which goes into effect Oct. 1. Under the new law, an employer is prohibited from: Failing or refusing to provide an applicant for employment the wage...

read more