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Year End Payroll Check List for Accountants

06 Dec

To help you manage your practice during this busy time, we created a checklist of key tasks to complete for clients. Print it out as a handy way to stay on top of your year-end action items.

Run Payroll Checkup (Employees > My Payroll Service > Run Payroll Checkup), and complete any missing or incorrect information detected.
Verify that total gross wages reported to the IRS agrees with total gross wages included in the Profit & Loss statement for the same calendar year.
Verify that company-paid payroll taxes reported to the IRS agrees with payroll tax expenses included in the current year Profit & Loss statement.
Review outstanding, uncleared paychecks that are not expected to clear the bank.
Review payroll liability payments not made with the correct QuickBooks transaction. Using your Intuit QuickBooks Accountant or QuickBooks Enterprise Accountant software, from the menu bar, choose Accountant > Client Data Review > Find Incorrectly Paid Payroll Liabilities.
Review employee payroll defaults.

If you use QuickBooks Accountant or QuickBooks Enterprise Accountant:
Launch Client Data Review (from the Accountant menu or Accountant Center) in the Cleanup Tasks, and review changes or additions to payroll items.

Additional Year-End Tasks

Your clients (in some cases, with your help) may want to:

Order year-end payroll reporting supplies
Verify active employee payroll additions and deductions
Request help preparing year-end bonus checks
Verify that they have the proper mailing address and Social Security number for terminated employees
Verify that employee benefits are being tracked properly for payroll processing
Verify that employee wages, sick time, vacation hours, and employee loans payable balances are correct for the new calendar year
Update their state unemployment and state disability insurance rates and other local taxes subject to rate changes
Verify a vendor’s 1099-MISC income filing information (for non-employee payments)

Important Dates

January 31, 2013: Deadline to supply each employee a completed Form W-2, Wage and Tax Statement, and each 1099 vendor a completed Form 1099

January 31, 2013: Deadline to file Form 941 for fourth quarter 2012

January 31, 2013: Deadline to file Form 943 and Form 944 for 2012

February 28, 2013: Deadline to file all the Forms 1099 you issued for 2012, along with Form 1096, Annual Summary and Transmittal of U.S. Information Returns (April 1, 2013, if you file electronically)

Holidays

December 25, 2012: Christmas Day
January 1, 2013: New Year’s Day
January 21, 2013: Martin Luther King Jr. Day
February 18, 2013: Presidents’ Day

QB-Xpert

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