Year End 2024
The end of the year is when your business needs to get its payroll and payroll tax items organized and finalized. There are several key benefits for your company for getting this information together.
W-2 and 1099 Compliance
By January 31 of each year, businesses must issue W-2s for employees and 1099s for contractors. Getting paperwork ready beforehand ensures you meet these deadlines and avoid penalties.
Accurate Tax Filing
Payroll taxes include federal, state and sometimes local taxes, and each has its own filing requirements. Organizing year-end payroll records ensures that quarterly and annual filings are accurate, reducing the risk of fines for under or over-reporting.
Reconciliation
Year-end is the best time to reconcile all payroll records against tax payments. It allows you to catch and correct discrepancies, like missed payments or incorrect deductions, before they become costly errors.
Budgeting and Financial Planning
Organized payroll records give a clear picture of your annual payroll expenses, helping with budget adjustments, forecasting, and financial planning for the upcoming year.
Avoids IRS Penalties
Errors or delays in payroll taxes can lead to interest charges, penalties, and even audits. Having all records ready ensures that filing your federal, state and local forms are filed timely.
Easier Employee Recordkeeping
Organizing year-end payroll paperwork helps keep employee records up-to-date, ensuring smooth communication if employees have questions or need copies of their forms.
Corporate Payroll Services can help make each of the year end tasks outlined above less time consuming and less stressful for you and your business.
Part of Corporate Payroll Services’ commitment to customer service is our annual release of year-end documents to help our valued clients start the next year strong. Below are links to 2024’s collection of tools to help you start 2025 on the right foot.
Year-End Checklist: Review the information you need to compile and the forms to request to stay ahead of payroll tax deadlines.
Payroll Planner: A comprehensive booklet explaining payroll, taxes, business insurance options, reporting help and more. Review regulatory information you need to be aware of as a small business owner and how CPS can help streamline your processes while giving you back time to focus on running your company.
Payroll Calendar: A quick, easy guide to our office openings and bank holidays which can affect the processing of your payrolls.
Still stressing over your payroll, taxes and regulatory filings? Let us help you streamline the process all year round, so you can focus on growing your business.
