By: Micki King, Training Manager
Thanksgiving is over, and everyone is busy preparing for the December holidays. As a payroll tax professional, you have the added stress of preparing for your busiest time of year! By taking a little extra time now, you can ensure that the actual year-end processing goes smoothly and is stress free. Here are some tips:
1. Advise clients to verify all employee information is correct. Name, address, SS# and that taxes have been withheld for the correct state and local.
2. Make sure all prior quarter and prepay information has been transmitted correctly.
3. Transmit quarterly test files, correct all errors and pre-balance all clients prior to sending the live file.
4. Transmit W-2 test files and make sure your files will pass data validation.
5. If unable to transmit any W-2 data electronically be sure to work with your Account Executive to determine the best work around.
6. Don’t forget about the FUTA Credit Reduction for CA, CT, IN, KY, NY, NC, OH & Virgin Island.
Thorough preparation will help to ensure your year-end processing is stress free.
Relax and enjoy your holiday!