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Use Our Online Tool to Better Understand Government Funding Programs
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Access vital funding to help your business remain open, continue paying your employees, and recover from unplanned circumstances due to the COVID-19 pandemic.

Paychex has created an easy-to-use online tool that details the specific federal relief programs and refundable credits available through the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES). The tool includes helpful links to applications and a comparison chart of loan programs (Paycheck Protection Program and the Economic Injury Disaster Loan program) to help you address what would best meet the needs of your current circumstances.

Access the Tool

We recommend discussing these options with your accountant or trusted advisor to determine the best course of action to leverage the incentives available.

Paychex is actively working to help make the PPP loan application process simpler. If you’re a Paychex client, we’re creating a report and ensuring it reflects changes introduced April 2 by the federal government. To utilize the report, your business or your clients’ business must have run payroll with Paychex in 2019.

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Top 10 Year-End Payroll Checklist

Payroll
Article
12/03/2014

Businesses need to complete a number of tasks to close out the year’s finances. Here are the top 10 tasks to complete in order to wrap up payroll for the year. 

  1. Ready your data and technology for the job. Update your payroll software. Ensure that you have current demographic, wage, and benefit information on all active and terminated employees. Confirm employees’ addresses and social security numbers, and verify congruence between employees’ names and social security numbers by using the Social Security Administration’s (SSA) Social Security Number Verification Service. Remember to address year-end bonus payments and employees with direct-deposit plans.
  2. Close out your books. Account for all company payments throughout the year and issue final paychecks to staff, including any bonuses. Don’t forget to take into account holiday or overtime pay for employees who worked shifts up to and including December 31. If you have staff participating in nonqualified deferred compensation plans, ensure that appropriate amounts are withheld from distributions. If you have flexible spending accounts that don’t allow grace periods, let employees know that unused amounts will be forfeited at year-end.
  3. Send the current year’s Forms W-4 to employees. 
  4. Confirm year-end payroll deadlines and federal and state deposit deadlines, and review the holiday processing schedule.
  5. Order Forms W-2 and W-3 for the current tax year from the IRS. (Keeping a year-over-year spreadsheet of forms, recipients, quantities, and mailing dates can help streamline this task.)
  6. If you file Forms W-2 electronically, register with the SSA for a PIN.
  7. If your business prints its own Forms W-2, update your software for the current year and run test samples. Order W-2 envelopes. Send the SSA laser-printed substitute Forms W-2 (Copy A) and W-3 for approval.
  8. Check the IRS website to ensure you have the most recent Forms 941, 940, 944, and 945.
  9. Notify staff of next year’s paydays, social security taxable wage base, 401(k) pretax limit, and state unemployment/disability wage bases, if applicable.
  10. Ask your bank to prepare an early cutoff statement for December.

This checklist is not exhaustive, and not every item on this checklist may apply to your particular business. Customize your checklist by consulting the IRS’ Employer’s Tax Guide for 2014. Paychex also has extensive tax and payroll resources to help you complete end-of-year wage and reporting responsibilities.

 

This website contains articles posted for informational and educational value. Paychex is not responsible for information contained within any of these materials. Any opinions expressed within materials are not necessarily the opinion of, or supported by, Paychex. The information in these materials should not be considered legal or accounting advice, and it should not substitute for legal, accounting, and other professional advice where the facts and circumstances warrant.