Mastering Year End Payroll: A Guide for 2024
Payroll year end is a crucial time for accounting firms and payroll service bureaus. It involves a series of tasks that must be completed accurately and on time to comply with tax regulations and labor laws. This guide will walk you through critical tasks such as W-2 and 1099 preparation, tax reconciliation, labor law compliance, and more. By the end of this post, you’ll have a comprehensive understanding of the payroll year-end process and be well-equipped to handle it efficiently.
Critical Tasks for Payroll Year-End
- W-2 and 1099 Preparation
- Tax Reconciliation
- Labor Law Compliance
- Year-End Reporting
- ACA Reporting
- Audits and many more are covered in this guide.
Year-End Prep Timeline
- When to Start
- Payroll Form Due Dates Quick Reference
- IRS Electronic Filing Deadlines
Year-End Payroll Reports
- Payroll Register
- Tax Liability Report
- Wage and Tax Report
This guide also covers the security risks that increase during payroll year end, and the role of your payroll tech partner(s) in ensuring your firm’s year-end compliance.
Partnering with a reliable payroll partner can further streamline the process and provide valuable support. If you’re looking for expert assistance in managing your payroll year end in 2024, consider working with a trusted payroll partner to ensure a smooth and successful year-end transition. Explore our payroll solutions today.
