Preparing for 2022 Year-End

The team at Future Systems is ready to hit the ground running in 2023. However, in order to keep payroll moving and prepare your W-2 packages in a timely manner, we first need you to check the boxes on your year-end task list.

What items should your list include? Here are the quick hits; you can also reach out to one of our payroll experts to discuss your business's unique situation.

Verify Filing Information

Small errors can easily slip through the cracks, especially at a busy time of year. However, a minor mistake on your W-2 will affect your employee’s tax filing, as well. Taking a few minutes to verify your information will save you and them from a delayed tax return—or worse, an audit.

If you found any errors while verifying employee information, make sure to get it uploaded to our portal as soon as possible. Alternatively, you can always reach out to speak with one of our expert agents.

Here’s what you need to double-check:

• Employee Social Security Numbers
• Employee Name Spelling
• Employee Addresses
• Federal Identification Numbers
• State Identification Numbers

Make Necessary Submissions by December 23

While we have your payroll information, you may need to send us documentation on other important items.

First, be sure to tell us about any fringe benefits you offer. According to the IRS, you must list “any form of payment for the performance of services.” This can include the use of a company car, group term life insurance, or other benefits defined in the IRS's Employer’s Guide.

You’ll also want to send along any manual or voided checks that were not entered into the payroll system throughout the fiscal year.

Notify Us of Any Upcoming Changes

If your business is changing your payroll frequency for 2023 (whether bi-weekly, monthly, or semi-monthly), let us know as soon as possible. This one may seem obvious, but we know the year-end can get hectic.

We also know many employers offer raises in December that take effect the next fiscal year. If you’re doing this or making any other changes to pay rates, be sure to notify our team.

For more a more detailed list of payroll items to think about as this year comes to a close, please read our Preparing for Year-End and 2023 guide. As always, reach out with any questions!