2020 Year-End Checklist
Posted on Tuesday, December 22, 2020
ShareWith year-end rapidly approaching amid the COVID-19 pandemic we would like to ease the tensions by providing a 2020 year-end payroll reference guide.
First – Has all pertinent information been reported/provided to your payroll provider?
- Verify employee names and social security numbers, addresses, and W-2 delivery address
- Form 1099 payee’s SSNs or taxpayer ID numbers
- Has all in-house payroll been reported?
- Employee pension information
- Group term life adjustments
- Tax deposits made
- Premiums for health and accident insurance paid by an S corporation on behalf of 2% shareholders
- Compensation adjustments paid to employees who need to be included on employee Form W-2 including other amounts for Box 14
- Taxable cash and non-cash fringe benefits (e.g. personal use of company car)
- Third-party sick pay insurance benefits
- Educational assistance reimbursements
- Proper tax agency identification numbers
Second – Have COVID-19 related items been reported?
- All wages for qualified sick leave and family leave wages
- All qualified health plan expenses on qualified sick and family leave wages
- All qualified wages for employee retention credit
- All qualified health plan expenses on wages reported for the employee retention credit
- Any employer/employee Social Security tax deferred
- Any advances received from filing form(s) 7200
Contributed by: Kim Grote | Payroll Manager | DWD CPAs & Advisors
Posted in Tax And Accounting Topics For Business
Disclaimer: The information contained in Dulin, Ward & DeWald’s blog is provided for general educational purposes only and should not be construed as financial or legal advice on any subject matter. Before taking any action based on this information, we strongly encourage you to consult competent legal, accounting or other professional advice about your specific situation. Questions on blog posts may be submitted to your DWD representative.