Year end is a busy time for employers. There are many things to do and many
deadlines to meet. Maybe you are wondering where to begin.
In the interest of
assisting employers with these responsibilities I wanted to share an article
that would provide employers with a checklist of forms that must be filed and
deadlines for these filings.
A brief overview of the information that must be provided
at year end includes; reports to employees and independent contractors showing
their income from the previous year, as well as filing reports and summary
reports, to the IRS and Social Security Administration for verification
purposes.
Following is a list of which forms must be filed and
deadlines for each.
1. January 31 ● Provide Copies of Form W-2 to Employees
for 2013 Taxes ● File 941 for 4th
quarter ● File 943 and 944 for
2013 ● Provide Copies of 1099-MISC Forms to Independent Contractors
2. February 28 ● File Form W-3 with Social Security with W-2s
3. February 28 ● Last day to File Paper Form 1096 and copies of 1099s to the IRS
4. Mar 31 ● Last day to file electronic
1099 Form`s with IRS
Important steps to remember before completing the above;
● Are your latest payroll updates installed?
● Are your automatic updates for payroll software turned on?
● Verify active employee data
● Verify terminated employee data
● Verify and review benefit information for
your employees
● Review employee wages, sick time, and
vacation hours
● Verify your State Unemployment and State
Disability Insurance rates
● Verify 1099 Vendor Information for 1099 and
1096 form filing
And remember before running your first payroll for 2014
to update your new SUI rate. You should
have received your annual tax rate notice in November.
Complete Business Solutions offers packaged payroll
services for less than it would cost to do in house. Our payroll packages include 1099 processing
as well as W-2 processing at year end.
Contact us today for more information!
