At the end of each calendar year employers are responsible for closing out the year’s payroll in compliance with all federal, state and local income and employment tax laws and regulations. But like a football team attempting a fourth-quarter comeback, stress levels are high at this time because of the challenges involved — a great deal of interdepartmental coordination and the completion of many detailed tasks within extremely tight deadlines.
Year-end should not be managed as though it begins in October and ends in March. Like a season-winning playbook, an orderly and methodical plan should be mapped out and followed throughout the entire year. Preparing in advance will help to avoid mistakes and a last-minute scramble to get it all done in time, which often results in having to make time consuming and expensive corrections after forms are filed. An employer may also end up being liable for costly penalties and fines to federal and state taxing agencies, which negatively affects the organization’s overall bottom line.
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