Payroll & HR Year-End Checklist

As the end of the year approaches, use the following checklist to prepare your business for year-end. This checklist identifies key tasks you should complete, to ensure compliance and accuracy regarding payroll, human resources, and more. 

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Human Resources

☐ Verify home addresses for all employees

☐ Reconcile all vacation/sick and/or Paid Time off balances for year-end payout or carryover if applicable

☐ Move current year terminated personnel files to storage

☐ Remind employees to file an amended W-4 if there has been a change in their filing status, exemptions, etc.

Payroll

☐ Reconcile manual checks to annual totals

☐ Send reminder to employees to verify social security numbers and addresses on pay stubs

☐ Review taxable fringe benefits that must be posted into payroll for W-2 reporting.

☐ Capture all information (ex: personal use of company car, relocation, bonuses, etc.).

☐ Check third party sick pay (short or long term disability) postings to make sure you have captured all information required

☐ Create a list of outstanding checks to ensure you comply with your State Escheat Laws (unclaimed property).

Benefits

☐ Verify current employee and accurate dependent coverage

☐ Distribute new health/dental insurance cards

☐ Compile Census information for retirement plan testing (highly compensated).

☐ Review list of which employees have life insurance over $50,000 to report taxable income for taxable group term life insurance.

☐ Verify Flexible Spending Account balances to confirm that employees will have the total amount deducted by end of the calendar year.