Christmas decorations have arrived in stores, turkeys are flying off the shelves and the temperatures are below 32 degrees…this can only mean one thing, year end is around the corner! In order to help you survive those dreaded year end processes, Optimum has created a checklist to help you get organized, if you use an in house software. Below are tasks to put on your calendar for a successful year end.
- Order Forms W-2 to be printed
- Remind employees to verify: W-4 name, address, tax filing status & exemptions, and additional withholding amounts.
- Collect benefit information you may need to post at year end, like personal use of auto, third party sick pay, etc.
- Verify employees’ SSNs to avoid mismatches when you file annual tax reports in 2015.
Late December 2014/Early January 2015
- Load the 2015 tax tables.
- Save the 2014 files and update 2015 pay period dates, 401k limits, holiday dates, etc.
- Update your 2015 SUTA tax rates, if applicable.
- Reconcile Forms W-2 and W-3 with Form 941 for 2014.
- Test printing/alignment of W-2s on the forms you purchased.
- Purchase postage if you are going to mail W-2s.
No Later Than January 31, 2015
- Deliver Forms W-2 to employees
- File Form 941 (deadline is February 10 if all taxes have been deposited when due)
February 18, 2015
- Change withholding status to SINGLE and ZERO for employees who previously claimed EXEMPT, but did not submit an EXEMPT 2015 Form W-4.
No Later Than March 2, 2015
- File paper Forms W-2 with the Social Security Administration. Electronic filing deadline is extended to March 31, 2015.
We hope this deadline list is helpful but keep in mind it is not all-inclusive and may differ based on the software you use. Additionally, your company may have many items that are unique to your organization or your industry type. You must do your homework to ensure all filing is done correctly but this should be a good start!