As 2017 draws quickly to a close, you may be asking yourself if you "have done everything needed for year-end". Here is some helpful information to guide you through closing out your year, and starting the new year, successfully.
Important dates to remember for Intuit Payroll Service Users:
December 28, 2017 – This is the last day to submit direct deposit checks for 2017.
January 19, 2018 – This is when W-2 information begins to be sent to employees. (You will want to confirm employee W-2 information for 2017, including current mailing addresses prior to this date.)
January 20, 2018 – This is when W-2 information begins to be transmitted in batches to the various tax agencies.
January 31, 2018 – This is the final day for the following:
- Distribute employee W-2 and contractor 1099-MISC forms.
- File printed copies of employee W-2 forms and contractor 1099-MISC forms with the appropriate tax agencies.
- File other federal forms like 941/944 or 940.
Intuit highly recommends that any e-filing forms be completed by January 29, 2018, so they can be processed by the IRS by the due date of January 31, 2018.
Before the first payroll in 2018, be sure that you have updated any State Unemployment rates that have changed for the new year; be sure all employees have reviewed and submitted any changes to their W-4 and state withholding forms, and they have been updated in your online payroll; and be sure to review and update any state and federal deposit schedule changes.
Be on the look-out for tax-table and payroll program updates, along with Payroll-service documentation and other Insightful Accountant feature articles covering the changes to payroll and withholding taxes enacted under the tax reforms passed into law within the Tax Cut & Jobs Act (TCJA) this past week (December 22, 2017). The IRS should be rolling-out related changes during January 2018 for implementation by late January or early February.