Learn how you can wrap up this year’s payroll and prepare for the next with QuickBooks Online Payroll.
December and January are important months for every business. Whether it’s filing your taxes or sending out your employees’ W-2s, there are several things you need to get done.
Use this guide if you use one of the following payroll products:
- QuickBooks Online Payroll Full Service
- QuickBooks Online Payroll Core
- QuickBooks Online Payroll Premium
- QuickBooks Online Payroll Elite
Note: QuickBooks Online Payroll Full Service, Core, Premium, or Elite will automatically generate and process your Employer and Employee W-2s. If you are in need of 1099s for contractors, please select Workers or Payroll menu, then Contractors and Prepare 1099s for the required steps.
Go over these important dates and tasks as you plan your year-end payroll work. And you can use the links to get steps or more info on anything you're wondering about.
December 30 & 31, 2019
Run final payroll for 2019
|Payroll product||Last date and time to run payroll|
|QuickBooks Online Payroll Core||December 30th at 5:00 PM PT|
|QuickBooks Online Payroll Full Service QuickBooks Online Payroll Premium QuickBooks Online Payroll Elite||December 31th at 7:00 AM PT|
- Make sure employee wages and benefits are correct.
- If you use direct deposit, send off the year's final paychecks and pay employee bonuses by 5:00 PM PST.
- Report all employee paychecks, including handwritten, commission, termination, and bonus checks.
- Add the year's final fringe benefits to paychecks.
- Add any commissions your employees earned.
- Contribute to your employee’s retirement.
Order year-end supplies
- Subscribe to our labor law compliance posters. This way you know when the law changes.
Before the first payroll of 2020
Review and update employee information
- Ask employees to review and update W-4 and state withholding forms.
- Update employee information, such as employee SSNs, legal names, and addresses.
- Confirm your employees can import their W-2 directly into their TurboTax account.
- Review and update any changes to your federal deposit and filing schedule.
- Review vacation hours, including used and unused time.
Review and update company information
- Run reports for year-end: employee details, payroll details, taxes, and wage summary.
- Send us any tax notices you may have received.
Keep an eye out for federal and state tax changes
- Review and update your state unemployment insurance (SUI) rate effective for the new year.
- Review and update your tax deposit schedules.
January 10, 2020
- W-2 forms become available in your product.
January 21, 2020
- W-2 forms are mailed to employees by USPS from January 20 through January 31, 2020.
January 28, 2020
- E-file your 1099 forms on or before January 28, 2020 at 5:00 PM PT so they can be processed and postmarked to your contractors by January 31, 2020.
January 31, 2020
Prepare and file payroll tax forms and payments
- If you use our e-file service by January 28, 2020, 1099 forms will be mailed to your contractors to the addresses indicated in the contractors' profile by January 31, 2020. If you don't use e-file, 1099s must be mailed by this date to contractors.
- If you haven't already filed, e-file your 1099-MISC forms before 5:00 PM PT for timely submission to the IRS.
- W-2 forms will be mailed to your employees to the addresses indicated in the employee profile by January 31, 2020.
- Invite employees to access pay stubs, W-2s and timesheets.
- Review your tax forms within QuickBooks Online.