Tax Time! A Payroll Checklist for DIYers

Crisis

Employers: If you already subscribe to a payroll processing service, you can skip this story. That’s because your service provider will have a handle on your year-end reporting to the IRS. Effective payroll processors will also ensure your employees are paid accurately and on time, calculate complicated payrolls, create departmental reports, and other routine tasks.

But if you manage payroll yourself, make sure that you’ve …

✓ Filed quarterly payroll taxes

✓Submitted Forms 940 and Forms W2 by Jan. 31

✓ Reconciled the total W2 wages with your general ledger

✓ Checked that your employees’ wages match before mailing the W2s

✓ Confirmed the social security number and address of each employee

✓ Completed state reporting requirements

✓ Filed Forms 1099 by Jan. 31 (due to recipients who provided more than $600 in services or rent)

These are just a few of an employer’s responsibilities. Want to reduce the stress of a possible audit and increase your payroll-processing accuracy? Smart business owners are outsourcing payroll and spending more of their valuable time increasing their book of business.

Jyoti Patel is President of Anuva Resource Solutions, a full-service human-resource and financial solutions outsourcing company based in Morrisville, NC, that specializes in helping startup entrepreneurs, professional service firms, and midsize companies spend less time on day-to-day tasks and more time on expanding their businesses!

 

 

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