The release of the taxable wage base by the Social Security Administration in October generally signals the start of the year-end payroll process. The season concludes in February, when most reports and forms for the previous year have been completed and filed. Payroll professionals have about four months to close out the old year and properly start the new year.
To help employers navigate this busy time of year, Bloomberg Tax & Accounting offers its subscribers a clearinghouse of information on year-end payroll developments and duties.
The clearinghouse provides the latest federal and state updates, including annual pension-related and inflation-adjusted amounts, forms released by the IRS, state minimum wage changes for 2020, announcements, and revenue rulings. A year-end checklist developed in collaboration with the payroll team at KPMG is available, along with a special report on the annual reconciliation process.
Click here to access the clearinghouse.
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