{"id":173,"date":"2008-10-10T10:55:16","date_gmt":"2008-10-10T14:55:16","guid":{"rendered":"https:\/\/old.visionpayroll.com\/kb\/?p=173"},"modified":"2008-12-29T00:37:55","modified_gmt":"2008-12-29T05:37:55","slug":"question-of-the-week-what-can-i-do-now-to-prepare-for-year-end","status":"publish","type":"post","link":"https:\/\/old.visionpayroll.com\/kb\/2008\/10\/question-of-the-week-what-can-i-do-now-to-prepare-for-year-end\/","title":{"rendered":"Question of the Week: What Can I Do Now To Prepare for Year-end?"},"content":{"rendered":"<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt;\"><span style=\"font-size: 10pt; font-family: Verdana;\">This week\u2019s question comes from Joe, a payroll administrator. I\u2019m always busy at year-end. Is there anything I can do now to make 2008 year-end easier? Answer: There are several things that can be done to ease the year-end crunch.<\/span><\/p>\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt;\">\u00a0\u00a0<\/p>\n<ul style=\"margin-top: 0in;\" type=\"disc\">\n<li class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;\"><span style=\"font-size: 10pt; font-family: Verdana;\">Review each employee\u2019s basic information including name, address, and social security number and update for changes or mistakes.<\/span><\/li>\n<li class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;\"><span style=\"font-size: 10pt; font-family: Verdana;\">Be sure contractor <a href=\"http:\/\/www.irs.gov\/pub\/irs-pdf\/fw9.pdf\" target=\"_blank\">W-9 forms<\/a> are on file for preparation of any <a href=\"http:\/\/www.irs.gov\/pub\/irs-pdf\/f1099msc.pdf\" target=\"_blank\">Forms 1099<\/a>.<\/span><\/li>\n<li class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;\"><span style=\"font-size: 10pt; font-family: Verdana;\">Review company paid time off policy and remind employees of any use it or lose it feature.<\/span><\/li>\n<li class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;\"><span style=\"font-size: 10pt; font-family: Verdana;\">Accumulate data for special pay transactions including items that must be added for W-2 purposes. Examples include fringe benefits, including personal use of a company car, value of group-term life insurance in excess of $50,000, and medical premiums for certain S corporation shareholders. These items should be included with a live payroll run in order to collect the employee\u2019s share of any taxes due.<\/span><\/li>\n<li class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;\"><span style=\"font-size: 10pt; font-family: Verdana;\">Confirm with your pension plan administrator which employees should have pension indicator box checked on <a href=\"http:\/\/www.irs.gov\/pub\/irs-pdf\/fw2.pdf\" target=\"_blank\">Form W-2<\/a>.<\/span><\/li>\n<li class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;\"><span style=\"font-size: 10pt; font-family: Verdana;\">Determine which employees will require an additional <a href=\"http:\/\/www.irs.gov\/pub\/irs-pdf\/fw2.pdf\" target=\"_blank\">Form W-2<\/a> to report third-party sick pay.<\/span><\/li>\n<li class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;\"><span style=\"font-size: 10pt; font-family: Verdana;\">Plan and schedule any additional pay runs, including holiday and performance bonuses and directors pay.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 10pt; font-family: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;\"><a href=\"mailto:info@visionpayroll.com\" target=\"_blank\">Vision Payroll<\/a> can work with you to prepare now for a smooth year-end. Contact us now with any questions or concerns.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This week\u2019s question comes from Joe, a payroll administrator. I\u2019m always busy at year-end. Is there anything I can do now to make 2008 year-end easier? Answer: There are several things that can be done to ease the year-end crunch. \u00a0\u00a0 Review each employee\u2019s basic information including name, address, and social security number and update [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[17,224,693,44,404,402],"_links":{"self":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/173"}],"collection":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/comments?post=173"}],"version-history":[{"count":1,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/173\/revisions"}],"predecessor-version":[{"id":2011,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/173\/revisions\/2011"}],"wp:attachment":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/media?parent=173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/categories?post=173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/tags?post=173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}