107: Year-End Payroll 2022: Completing a Year-End Checklist for January Success

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In this episode, we're diving into all things payroll. In particular, we focus on completing a year-end checklist for January. It's simply a checklist of things you need to do before the end of the year. This is very important because payroll has very tight deadlines that you need to complete by January 31 of each year. The year-end starts before the last payroll is run for the year. Once the final payroll for the year has been run, your payroll processor like Gusto will start working on things right away. 

Gusto, in particular, wants you to make sure you've completed a good portion of your year-end checklist before December 27 of each year. They want to be able to file everything on time because January is such a big month, which is when you're filing the quarter-end forms and the year-end forms. Then there's another round of deadlines and dates by the 31st of the month as it relates to payroll. The farther in advance that you can start and get the process going before 12/31, the better. 

Everybody has a responsibility to make sure their payroll is right and companies need to make sure their employees are involved and they do their part. Finally, if you’re a business owner who doesn’t have the time for this, just remember that because you delegate doesn't mean you're not responsible for it.

In this episode, you will hear:

  • Every employee and contractor, (current and dismissed) should be added to Gusto
  • What to do when adopting new systems and software 
  • Adding fringe benefits and employees’ ​​retirement deductions and contributions to Gusto
  • Marking shareholders in your employment details
  • Making sure employees’ work addresses are updated properly
  • Reporting special compensations

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