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The holiday season is here!

You may still be a little full from Thanksgiving and ready for some more feasting and partying, but don’t forget to take care of business before it’s too late! This is the last month for you to make sure you are prepared for an easy 2023 tax season.

As you know and have most likely experienced as a business leader, it is easy to let simple end of year items fall through the cracks. We decided to make a list of these items for you so you can focus on getting that money train roaring early in 2023 instead of dealing with hair pulling annoying tasks after the fact.

  1. Confirm employee  information
    1. Name, Address, Phone #
    2. Social Security Numbers
    3. Wage, Salary Rates, and Deductions
    4. W-4 changes for the new year (marital status and dependent changes)
    5. Direct Deposit information
  2. Verify time- off balances
  3. Reconcile PTO balances
  4. Contractor information
    1. Updated and signed W2/9 forms
    2. Address, Phone
    3. Contractor WC waivers
    4. Contractor proof of WC/Gen liability
    5. Direct deposit information
  5. Forms
    1. W2/W3 (in-house employees)
    2. 1099-NEC (sub contractors)
    3. 940 – Filed with the IRS by businesses with one or more employees, and used to determine the employer’s federal unemployment tax (FUTA) which is based on the business’s annual payroll.
    4. 941 – Due quarterly and used to report wage withholding for income taxes as well as the employees’ share of Social Security and Medicare (FICA) taxes, plus the employer’s share of FICA.
    5. 944 – Applies to employers with annual tax liability who withheld federal income tax, FICA (employee and employer share) totaling $1,000 or less.
    6. 1095 –As part of the Affordable Care Act, if you have an average of more than 50 full-time employees, including full-time equivalents, during the preceding calendar year or your business is self-insured, you must file Form 1095 with the IRS. Self-insured small businesses must file Form 1095-B to report information on individuals provided minimum essential coverage, and employers with more than 50 employees must file Form 1095-C on health insurance coverage offered to full-time employees and their dependents and if self-insured, they must also provide information on individuals enrolled in coverage. Failure to file or furnish these forms in a timely manner could lead to penalties.
  6. Review upcoming regulations
    1. Review your states minimum wage
    2. Update compliance posters
    3. New W-4 forms
    4. Unemployment changes
    5. Workers Comp regulations
    6. Worker Comp Officer state waiver

Merry Christmas and we wish you a Prosperous 2023!

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