Closing the Year and Avoiding Costly Missteps
The final quarter of the calendar year is a busy time for payroll staff. It’s critical to maintain a year-end checklist to make sure everything is addressed properly. There are many moving parts that must be handled with care to ensure a timely close of the year. This can be complicated with making sure all regulatory filings are made accurately. And employees need to be provided with the information they require to fulfill their tax return obligations.
One missed step can be expensive in both time and money. Each regulatory obligation comes with deadlines, penalties, and interest for being late or inaccurate. Errors also could mean having to process additional unscheduled payrolls. If errors are uncovered late in the game, they could force the expense of reprocessing of W2s and tax returns. So, a thorough, systematic approach is the best path to an error-free close to the current year and the best first step forward into the new year.
Our Year-End Checklist
To get you started, here is a year-end checklist Symphony provides to clients to guide your work plan (or click the image below). Questions? Give us a call, we are always available to provide a helping hand.
