Payroll year end doesn’t need to be stressful – with a bit of forward planning, you can get your processing done with ease before you put preparations in place for the new tax year.
With the holiday season approaching, taxes around the corner and the quarterly payroll requirements looming, there is pressure on firm owners to complete the payroll related tasks smoothly and accurately. Year-end for payroll professionals generally begins when the next year’s inflation or indexed numbers are released in mid-October and ends in February.
There are a couple of things that you need to do for a successful payroll year end. We have come up with the 2020 Payroll Year-End Checklist. This will help employers navigate the often-complicated year-end process, which extends into the following year’s first quarter. It contains a useful list of things to do in order to track the year end payroll responsibilities. Here it goes