Use this year-end checklist to prepare your tax forms in QuickBooks Desktop 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 Desktop Payroll Basic
- QuickBooks Desktop Payroll Standard
- QuickBooks Desktop Payroll Enhanced
Go over these important dates and tasks as you plan your work. If you need more info, select the link for more help.
December 29, 2020
Run final payroll for 2020
- 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
- Order W-2 perforated forms and envelopes.
- Subscribe to our labor law compliance posters. This way you know when the law changes.
Before the first payroll of 2021
Review and update employee information
- Install the latest payroll update and make sure your QuickBooks is on the latest release.
- Update employee information, such as employee SSNs, legal names, and addresses. Ask employees to review and update W-4 and state withholding forms.
- Review and update any changes to your federal deposit and filing schedule.
- Review sick and 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.
- Update State Unemployment Insurance rates effective January 1, 2021.
- Review and update your company's legal address or name.
January 27, 2021
- E-file your W-2 forms with the Social Security Administration
- E-file your W-2 forms with your state. State lead times may vary.
January 29, 2021
- E-file your 1099-NEC on or before January 29, 2021 at 9:00 PM PT so they can be processed and postmarked to your contractors by February 1, 2021.
February 1, 2021
Prepare and file payroll tax forms and payments
- Send W-2s to your employees.
- File your form 1099-NEC and 1096.
- Review and file federal forms, such as Forms 941/944 or 940.
- File state forms (form names and due dates vary by state).
- Invite employees to access pay stubs, W-2s, and timesheets.