As the new year approaches, it’s important to take the steps necessary to closing out your year as smoothly as possible. To help make your staffing agency’s year-end filing and printing processes successful, our tax manager, Ariel Peterson, offers some simple reminders.
Review, review, review.
Catching errors early on in your year-end filings is crucial to minimizing any potential errors in your back office system before the end of the year. Key items to review and verify include:
- Account information: This includes account numbers, unemployment tax rates, and filing frequencies. States will begin sending updated information as we near the end of the year, so make sure to keep track of changing rates and frequencies.
- Employee records: Pay attention to your exempt employees or those who are missing information. Look over employee profiles, and double check that all employee personal information is accurate, including the name, address, and social security number. Review the Tax State field, local taxes, and any items that may be mistakenly marked exempt on taxes under the employee profile’s pay set-up.
- Reports: The employee wage statement and tax deposit reports are both important tools to help with your year-end process. Checking the employee wage statement report will verify if an employee has been taxed appropriately, while the tax deposit report will give you an overview of the jurisdictions that have been processed on your checks.
Begin year-end tasks early—and review often.
Begin your year-end processes as early as possible, and review the above items regularly throughout the year. This will ensure you have ample time to spot errors and make any corrections.
Assess your team’s needs for tax filing and print services.
Year-end is often a busy and hectic time of the year for staffing agencies. It’s important to think ahead and have a plan for processing and printing W-2s and 1094/1095 documents.
To ensure your deadlines are met and your employees receive their documents in a timely and efficient manner, many staffing agencies rely on outsourcing both W-2 management services and 1094/1095 filings. Planning for both of these services early will help your staffing agency avoid headaches during year-end.
These are just a few simple reminders as your staffing agency’s team dives into their year-end tasks. At TempWorks, we are here to support you in every step of your year-end processes. To learn more about our year-end W-2 Management services, please contact your account manager today!
Ariel Peterson, Tax Manager
Ariel Peterson is the Tax Manager at TempWorks Software and Lone Oak Payroll and has been with the company since July of 2012. Ariel and her team handle everything related to payroll taxes for our clients, including tax filings and payments. In addition, Ariel and her team help clients manage their accounts, keep tax rates updated, and keep their accounts in good standing.