Quick Answers: A Mini Guide to Year-End Payroll

Hi QuickBooks users, thanks for stopping by. With Year-End approaching, we want to make sure that you feel fully equipped with all the tools you need to finish out the year strong. Follow along with this guide to learn more about payroll and staying compliant this year.

With QuickBooks Online Payroll, managing year-end tasks is simple, but since there can be a lot to remember, here are the key items broken down to ensure a smooth start to the new year.

1. Final Payroll Run: Process all final checks for the current tax year, ensuring timely completion of payments for bonuses, commissions, and fringe benefits by the official cutoff date. For QuickBooks Online Payroll Core, you have until December 30th at 5:00PM PT. For Premium and Elite, you have until December 31st at 7:00AM PT.

Here are the specific things you’ll want to check off your list before running final payroll: 

-Make sure employee wages and benefits are correct.
-If you use direct deposit, send off the year's final paychecks and pay employee bonuses.
-Report all employee paychecks, including handwritten, commission, termination, and   bonus checks.
-Add the year's final fringe benefits to paychecks.
-Add any commissions your employees earned.
-Contribute to your employee’s retirement.

2. Update Employee Data: Review and update essential employee information in the system, including W-4 details and current mailing addresses.

3. Confirm New Year Tax Information: Verify and confirm your State Unemployment Insurance rate and deposit schedules for the upcoming tax year.

4. Focus on your Forms: Advise your team to sign up for QuickBooks Workforce for secure online W-2 access. Don't forget to review your W-2s before processing to verify their correctness and identify possible mistakes. 

1. Select Payroll  

2. Select Payroll Taxes

3. Select Filings 

5. Don’t forget your contractors: Remember, 1099s aren't automatic and must be prepared separately through the Contractors tab. Under Payroll > Contractors, you can view your 1099 filings or prepare your 1099’s. 

Whether you're sending W-2s to employees or 1099s to contractors, the critical deadline to remember is January 31.

If you have "Automate taxes and forms" turned on, we’ll handle much of the filing for you, but it’s always wise to check the status of your forms.

Here’s where to check within your account:

For a complete checklist, including specific deadlines for your payroll service, visit the QuickBooks Year End Checklist article here. https://quickbooks.intuit.com/learn-support/en-us/help-article/payroll/year-end-checklist-quickbooks...