Free Download
W-2 production deadlines, 941 reconciliation, ACA reporting, state filing requirements, and new year rate updates. Everything in one checklist, phased by month.
WANT THIS EMAILED TO YOU?
W-2 deadlines, 941 reconciliation, ACA reporting, and state filings -- the full year-end checklist, emailed to you.
Year-end payroll is one of the highest-risk periods for employers. A missed W-2 deadline triggers IRS penalties starting at $60 per form. A 941 reconciliation error means amended returns. This checklist walks your team through every required task from October through January in the order they need to happen.
If your team is spending more than a few hours on year-end payroll tasks, that is a signal. BEG managed payroll handles the full year-end process at $25-$45 PEPM, all-inclusive. No separate W-2 fee.
The Full Checklist
Verify legal names, Social Security numbers, and addresses match W-4 files. SSA rejects W-2s with name/SSN mismatches.
Check that health, dental, vision, FSA, HSA, and 401k deduction amounts match open enrollment elections for the new plan year.
Personal use of company vehicles, group-term life over $50k, and imputed income from benefits must be reported in Box 1 wages.
If employees received disability payments from a carrier, request the third-party sick pay statement so wages can be included on the W-2.
Total wages reported on quarterly 941 filings should match gross wages on your YTD payroll register. Catch discrepancies now, not in January.
Confirm all 941 tax deposits made during the year match the liability reported. IRS FTD penalty is 2% to 15% of the underpayment.
FUTA applies to the first $7,000 in wages per employee at 6%, reduced by state credit. Confirm your FUTA liability before filing Form 940.
Most states require W-2 electronic filing above 10 to 25 forms. Confirm your state threshold and electronic filing method before year-end.
Bonus payrolls must clear before December 31 to be deductible in the current tax year. Set a cutoff date with your payroll team.
Any retroactive pay increases or corrections from the current year must be paid and reported in the same calendar year they were earned.
Review child support, student loan, and IRS levy orders. Some garnishments have annual caps that require end-of-year verification.
1099-NEC is due January 31 for contractors paid $600 or more during the year. Collect or confirm W-9 information now.
IRS deadline for W-2 delivery to employees is January 31. Electronic delivery requires employee consent. Paper W-2s must be postmarked by January 31.
Electronic W-2 filing with the Social Security Administration is required for 10 or more forms starting in 2024. Business Services Online (BSO) handles the submission.
Annual federal unemployment tax return. If FUTA tax liability for the year exceeded $500, deposits were required quarterly. Reconcile deposits to the Form 940 before filing.
Social Security wage base resets January 1. SUTA rates change annually per state notice. Federal withholding tables update with the IRS Publication 15.
Applicable Large Employers (50+ FTEs) must file 1094-C and 1095-C by February 28 (paper) or March 31 (electronic). Confirm ALE status and prepare 1095-C data now.
Want BEG to Handle All of This?
W-2s, 941 reconciliation, ACA reporting, and state filings, all handled by your dedicated BEG payroll contact. No per-form fees.
