2023 Year-End Report Available for Payroll

Bloomberg Tax, in collaboration with KPMG LLP, created a payroll year-end report to assist employers and payroll professionals with the often-complicated year-end process.

The report covers current payroll topics, such as remote work and expiring Covid-19 relief provisions. It also discusses how payroll professionals should prepare Forms W-2, Wage and Tax Statement, and handle certain special year-end payments like bonuses, length-of-service awards, and gifts.

Experts at Bloomberg Tax and KPMG summarize new federal rules relating to the overtime-pay exemption under the Fair Labor Standards Act and joint employment. They also offer guidance on deferred compensation plans and withholding on supplemental ...