Now that we are officially in 4th Quarter, its time to start preparing for year-end. This can be a busy time for everyone, from holidays to tax preparation, and especially payroll and HR considerations. Below are a few payroll related year end items to think about and some relevant deadlines to be aware of before December sneaks up on us.
Special Payrolls: Deadline for 2024 – Monday December 16th
Year end payrolls for partners, owner’s wages, true ups, bonuses, etc. should be submitted to CPN for processing no later than Monday December 16th, to be paid before 12/31. If you think that this may apply to your firm, we encourage you to reach out early so that we have it on our radar as well.
W-2’s & 1099’s: Spot check in December – Full Review before January 8th
While draft W-2’s are not typically generated until January, there are several reports we can look at to review year to date wages, and benefits for employees. CPN will perform this spot check for clients who switched to Gusto from another provider during 2024, but we also recommend doing this review if you have paid any employees outside of Gusto during the year, to ensure those wages are included in year end tax filings. If you would like help with this review process, please reach out to us by December 1st.
Benefits & Retirement Plan True Ups: Deadline to submit corrections to Gusto – December 16th
Year end is often the time to make 401(k) plan and IRA true ups, and corrections. Consider whether your firm will need to make profit sharing contributions, other non-elective contributions, or true up contributions to your Retirement plan before year end. We recommend reaching out to your benefits manager early, and copying your bookkeeper, or the payroll team at CPN.
Switching to Gusto for 2025?
If you are planning to switch to Gusto for 1/1/2025, please let us know asap. We are asking clients to have a payroll onboarding call scheduled for no later than November 15th. Contact us today to get scheduled.