Learn how you can wrap up this year’s payroll and prepare for the next with QuickBooks Online Payroll Enhanced.
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.
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, 2019
Run final payroll for 2019
- 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 PT.
- 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 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.
- 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.
- Update State Unemployment Insurance rates effective January 1, 2020.
Keep an eye out for federal and state tax changes
- Review and update your state unemployment insurance (SUI) rate.
- Review and update your tax deposit schedules.
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 29, 2020
- E-file your W-2 forms on or before January 29, 2020, so they can be processed before January 31, 2020. State lead times may vary.
January 31, 2020
Prepare and file payroll tax forms and payments
- Send W-2s to your employees.
- 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.
- 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.