Critical Payroll-related Activities to Address before Year’s End

With the end of 2011 approaching we thought we would share some the critical tax dates, deadlines and activities that we obtained from our accounting and payroll friends.

Submit 2011 W-2 Information Changes – Provide corrected or missing employee W-2 information to ADP prior to the last payroll with a 2011 check date.

Know Your Filing Responsibilities – In some cases you are responsible for filing taxes. Verify your filing responsibilities using the Quarterly Tax Verification Notice or the third quarter Statement of Deposit.

Submit Payroll Adjustments – You must report final payroll adjustments (e.g., manually issued or voided checks) to your payroll processor before or with the last regularly scheduled 2011 payroll. This action must be completed no later than December 29, 2011.

Report Filing of Form W-2c – If you file Form W-2c with the IRS to correct errors on an employee’s W-2, you or your clients will need to contact your payroll processor so they can update records. A correction fee may also be incurred.

Year-End Checklist

  •  Due Date: Before the last payroll with a 2011 check date
    • Update “Allowed and Taken” Hours, if applicable – Vacation and sick balances are automatically
      cleared after the last December payroll, so be sure to report any changes
      before the last 2011 payroll.
    • Report Third Party Sick Pay to payroll processor
    • Report COBRA Assistance Payments to payroll processor
    • Report Form W-3 Kind of Employer to payroll processor
    • Verify and Submit Changes to Employee Information
    • Report Final 2011 Payroll Adjustments
    • Report Filing of Form W-2c
  • Due Date: Your first payroll of 2012
    • Update Employee Deductions
    • Deactivate Retirement Plan Catch-Up Contributions, if desired

Full end-of-year payroll processing guides are available from any payroll processing company.

About the Author:

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After studying graphic design at the University of Georgia, Jill held several positions in media and marketing including Art Director, Editor and Marketing Director. As a student of dance, she has spent plenty of time in children’s activity centers and puts that experience to work for her in the work she does with Jackrabbit. In addition to her interest in dance, Jill also enjoys sports, gourmet cooking, entertaining, singing and spoiling her five grandchildren.

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