Checklist for the End of Your Small Business’ Fiscal Year
Employee information will be reviewed and updated
• You need to run report for year-end – Employee Details, Payroll Details, Tax and Wage Summary
• Next, confirm legal name, employee SSN and current address
• You need to ensure that all employee pay-checks have been reported such as commission, termination, handwritten, and bonus checks
• You need validate if employee wage and benefits are correct
• Sick and vacation settings will be reviewed and then sick and vacation hours used will be confirmed
• Local tax rates and settings will be reviewed
Closing Payroll for 2017 will be run
• Direct deposit deadlines for final pay checks and bonuses will be verified
• Final payments for fringe benefits commissions and contributions will be included
• After that install the QuickBooks application with the valid license code and product code
• W-2 envelopes and perforate forms will be ordered
• 2018 labour law compliance reports will be ordered
You may be asked to File 1099 MISC Forms
• Prepare 1099- MISC forms, especially if you have paid at least $600 to a contractor or business during 2017
• Mail and prepare each contractor copied of their Form 1099-MISC by January 31
Keep a Check on State tax notices and Federal
• Update State unemployment insurance rate, if it is necessary
• A new state unemployment rate for 2018 tax year will not be assigned by your state agency
• New tax deposit schedule for your business will be assigned by Federal and state agency. You need to make sure to update deposit schedule under Taxes and Forums
Now, let’s have a look at Check-list by Date (2017 Year-end)
28 December, 2018-08-27
It is the last date to submit checks for 2017
31 December, 2018-08-27
• It is the closing date to allocate employee w-2 and contractor 1099-MISC forms
• It is known as the closing date to file employee’s printed W-2s and 1099-MISC contractor forms with agency
• It is suggested to deposit forms on or before 29 January, 2018, if the person is e-filing, so that it can be processed by IRS due date on 31st January, 2018
• Other Federal forms will be filed like 941/944 or 940
Prior to first Payroll date of 2018
• “State Unemployment Insurance rates” which is effective from January 1, 2018 will be restructured
• Employees will be asked to re-examine and inform W-4 and state maintenance forms. Next step is to revise the data in the online payroll
• Update and Review state deposit schedule or any federal modifications
• Once the updates are installed get the QuickBooks installed too
• W-2 information is shared in chunks to the organization around this time. If the user starts e-filing , it is suggested to deposit forms by 29th Jan, 2017 so that the details can be processed by IRS due date on Jan 31, 2017
Scope of Services
If you still have issues in understanding Year End Checklist for QB Users, then feel free to call us at Sage Technical support number, <TFN>. We have a pool of experienced and skilled technical experts who are ready to help you 24x7. Don’t wait and dial us at the Toll-free number. We will be more than happy to assist you with all your queries.
• You need to run report for year-end – Employee Details, Payroll Details, Tax and Wage Summary
• Next, confirm legal name, employee SSN and current address
• You need to ensure that all employee pay-checks have been reported such as commission, termination, handwritten, and bonus checks
• You need validate if employee wage and benefits are correct
• Sick and vacation settings will be reviewed and then sick and vacation hours used will be confirmed
• Local tax rates and settings will be reviewed
Closing Payroll for 2017 will be run
• Direct deposit deadlines for final pay checks and bonuses will be verified
• Final payments for fringe benefits commissions and contributions will be included
• After that install the QuickBooks application with the valid license code and product code
• W-2 envelopes and perforate forms will be ordered
• 2018 labour law compliance reports will be ordered
You may be asked to File 1099 MISC Forms
• Prepare 1099- MISC forms, especially if you have paid at least $600 to a contractor or business during 2017
• Mail and prepare each contractor copied of their Form 1099-MISC by January 31
Keep a Check on State tax notices and Federal
• Update State unemployment insurance rate, if it is necessary
• A new state unemployment rate for 2018 tax year will not be assigned by your state agency
• New tax deposit schedule for your business will be assigned by Federal and state agency. You need to make sure to update deposit schedule under Taxes and Forums
Now, let’s have a look at Check-list by Date (2017 Year-end)
28 December, 2018-08-27
It is the last date to submit checks for 2017
31 December, 2018-08-27
• It is the closing date to allocate employee w-2 and contractor 1099-MISC forms
• It is known as the closing date to file employee’s printed W-2s and 1099-MISC contractor forms with agency
• It is suggested to deposit forms on or before 29 January, 2018, if the person is e-filing, so that it can be processed by IRS due date on 31st January, 2018
• Other Federal forms will be filed like 941/944 or 940
Prior to first Payroll date of 2018
• “State Unemployment Insurance rates” which is effective from January 1, 2018 will be restructured
• Employees will be asked to re-examine and inform W-4 and state maintenance forms. Next step is to revise the data in the online payroll
• Update and Review state deposit schedule or any federal modifications
• Once the updates are installed get the QuickBooks installed too
• W-2 information is shared in chunks to the organization around this time. If the user starts e-filing , it is suggested to deposit forms by 29th Jan, 2017 so that the details can be processed by IRS due date on Jan 31, 2017
Scope of Services
If you still have issues in understanding Year End Checklist for QB Users, then feel free to call us at Sage Technical support number, <TFN>. We have a pool of experienced and skilled technical experts who are ready to help you 24x7. Don’t wait and dial us at the Toll-free number. We will be more than happy to assist you with all your queries.
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