Although the end of the calendar is a nice time to work with your customers and clients on the subject of tax and compliance concerns they must know about for the next tax year, it is also considered a favorable time to check off the boxes on problems concerning payroll. Learn about Year-end checklist for QuickBooks Online Payroll.
Dancing Numbers helps small businesses, entrepreneurs, and CPAs to do smart transferring of data to and from QuickBooks Online. Utilize import, export, and delete services of Dancing Numbers software.
Usually, payroll programs like QuickBooks Online Payroll will do all the major work like recommending different ‘To Do’ or action items that are required to be finished in a given time period.
To assist you to work with your respective clients and even fasten things on your side, we have arranged a year-end checklist for QuickBooks Online payroll.
So let’s begin wrapping up the payroll for this year and formulate the following with QuickBooks Online Payroll.
December and January are considered crucial months for all kinds of businesses. Be it filing taxes or sending out the employees W-2s, there are many things that are needed to be done.
This guide will be very helpful for you if you use any one of the following QuickBooks Online Payroll products:
- QuickBooks Online Payroll Premium
- QuickBooks Online Payroll Core
- QuickBooks Online Payroll Elite
It is, however, important to note that QuickBooks Online Payroll Core, Elite, and Premium will produce and process Employee and Employer W-2s automatically if they are opted to file for you. If you are not sure whether they are opted or not, please first check your automatic tax payments and form filing status.
If you require 1099s for contractors, please choose the Payroll menu and then select Contractors, and then Prepare 1099s for the needed steps.
Take a look at these crucial dates and jobs as you organize your year-end payroll work. You can also use the links to understand the steps or get additional information on anything that’s on your mind.
December 30 & 31, 2021
Final Payroll for 2021
- For QuickBooks Online Payroll Core, the final date is December 30th at 5:00 PM PT
- For QuickBooks Online Payroll Elite and QuickBooks Online Payroll Premium, the final date is December 31st at 7:00 AM PT
Points to Ensure
- Ensure the wages and the benefits for the employees are right and precise
- In case you use direct deposit, ensure that you send the pay employee bonuses and final paychecks for the year prior to 5:00 pm PST
- Report all the paychecks of the employee like commission, handwritten, termination, and bonus checks
- Add the last fringe benefits of the year to the paychecks
- Add all the commissions earned by the employees
- Donate to your employee’s retirement
Order Year-end Supplies
- Subscribe to the labor law compliance posters. It will help you to be aware of the changes in the law.
Prior to the First Payroll 2022
Summon your employees to see the W-2s online. You need to invite your employees to the QuickBooks Workforce since it will help them to view their pay stubs along with their W-2s online.
Analyze and then Upgrade the Employee Details
- Request employees to check and upgrade the state and W-4 withholding forms
- Upgrade the employee details like legal names, SSNs, and the addresses
- Authenticate that your employees can send their W-2 in the Turbo Tax account directly
- Analyze and upgrade any alterations to your filing schedule and federal deposit
- Analyze the vacation hours that comprise unused and used time
Analyze and Upgrade Company Details
- Run the report for the year-end: payroll details, employee details, taxes, wage summary, etc.
- If you received any tax notices, send them to us
Look out for any State and Federal Tax Changes
- Analyze and upgrade your state unemployment insurance rate for the year
- Analyze and upgrade the tax deposit schedules
January 13th 2022
- W-2 forms begin to become present in your product.
However, it is important to note QuickBooks Online Payroll Core, Elite, or Premium will generate and process your Employee and Employer W-2s automatically, only if they have been opted by you. In case you are not sure about it, view the automatic tax payment and form filing status at the beginning. In case you have opted out, the W-2 forms will be available for you. You can print it and then file January 1.
January 20, 2022
- W-2 forms are usually mailed to the address of the employee by the USPS between Jan 20 to Feb 1. However, it is important to note QuickBooks Online Payroll Core, Elite, or Premium will generate and process your Employee and Employer W-2s automatically, only if they have been opted by you. In case you are not sure about it, view the automatic tax payment and form filing status at the beginning. In case you have opted out, you should print and then postmark your W-2 forms to your employees within January 31.
January 27, 2022
- E-file your 1099s forms on January 27 2022 on it or before it but not after 5:00 pm PT. This will help them to be processed and then postmarked to your particular contractors within January 31st 2022
- QuickBooks Online Payroll Elite, Premium, and Core who have stepped out of the automatic form filling and tax payment,
- Access our e-file service. You should E-file your respective W-2s prior to 5:pm PT since it will help them to get processed within January 31st 2022
- Review and then file the federal forms and then do the tax payments like Forms 940, 941/944
- Analyze and then file the state forms and do the tax payments.
January 31, 2022
- If you use the e-file service by Jan 27th 2022, all the 1099 forms will be sent to the contractors at the address mentioned in the profile of the contractor, by Jan 31st 2022. In case the e-file is not availed, 1099s should be sent to the contractors within this date
- In case you have not filed yet, e-file the 1099-NEC forms prior to 5:00 PM PT for submission to the particular IRS on time
- QuickBooks Online Premium, Core, and Elite who have chosen the automatic form filling and tax payment:
- W-2 forms will be sent to the employees at the location/address shown in the employee profile within Jan 31st 2022
- Analyze the Tax forms and the payments in QuickBooks Online
- QuickBooks Online Payroll Premium and Core who have selected/chosen to opt for the automatic form filing and tax payment must mail the W-2s to the employees
February 28 and March 31, 2022
- If the e-file service is used, e-file your 1099 MISC by March 29th, 2022. This will help them to get processed within Mar. 31, 2022
- In case the e-file is not used, 1099-MISC should be sent to the particular IRS within Feb 28, 2022
We hope that this article has conveyed all the details you may require in the year-end checklist for QuickBooks Online payroll.
However, if you still have any questions or think you need to talk directly to a QuickBooks professional, you can get in touch with Dancing Numbers experts via LIVE CHAT.
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