Entering the final quarter of the calendar year means anticipating end-of-year payroll processing. This is the time of year when payroll professionals start thinking about what they are going to do come January. Those who are most prepared are the same ones who took decisive action in the final quarter of the previous year.
Knowing what we know about end-of-year payroll processing, there are two areas employers can concentrate on to minimize problems. These are W-2 and Affordable Care Act (ACA) compliance. BenefitMall, a Dallas company that provides payroll and benefits administration services to companies all over the country, recommends the following three tips:
1. Check and Update W-2 Information
We hear it every year, yet so many companies fail to follow through on advice to check and update W-2 information before the final payroll run for the year. Inaccurate information on W-2 forms seems like such a minor and inconsequential thing until a company finds itself in the cross hairs of the IRS and SSA for filing inaccurate forms.
Avoiding problems is as simple as checking the accuracy of employee names, addresses, and Social Security numbers. Companies can do it by having HR personnel interview every employee face-to-face. They can also give employees access to their information online, requiring them to check and verify that information.
Failing to verify information could mean filing incorrect W-2 forms. That could lead to fines of up to $50 per incorrect form filed prior to the annual deadline. Incorrect forms filed after … Read More