Are you still celebrating the fact that you made it through another year-end? Beware: The next one comes around again faster than you and your payroll tax processes may be prepared for.
The ubiquitous turn-of-the-decade, Gatsby-themed parties are over and your flapper and mobster costumes are packed away collecting dust. As the newness of the year fades, the next one’s deadlines start to pop up on the horizon. The time to start planning for the next year-end is now, and we’re sure F. Scott Fitzgerald would agree.
What rewards could you reap in 2021 if you put in the effort in advance? If you could rewrite your most recent year-end experience, what part would you leave out?
How can you write a happy ending for your next year-end ?
What to Avoid & When to Start
For the recent year-end, did you have to spend evenings and weekends in the office, upsetting your family and friends? Did you have to pull people from other departments to get through year-end, causing other work to fall behind? Did you self-medicate with a re-gifted tin of stale popcorn? While others were busy making resolutions, were you making payroll tax calculations? Were your dreams (nightmares?) filled with W-2s, 1099s and brand-new W-4s?
If you want to avoid complications with year-end payroll tax management for 2020, you’ll want to start the process in October with the three steps outlined below, especially considering that most local payroll tax deadlines have been moved up to January when federal returns are due.
Step 1: Read the Whitepaper
Our whitepaper, Avoiding Chaos: Best Practices for Quarter & Year-End Payroll Tax Management, includes best practices for processing quarter-end and year-end on time, stress-free, and in full compliance with all government regulations.
Specifically, this whitepaper covers the following:
QE Best Practices
YE Best Practices
How and When to Just Say “No”
Step 2: Identify Your Area of Greatest Need
Are you processing payroll taxes manually or does your payroll tax management software cause more problems than it’s worth? If so, you may be a candidate for FlexTax™.
If you’d like to use payroll tax software while maintaining complete control over client tax funds by having the money flow through your bank, you may be a candidate for FlexTax Direct Bank.
If you’d like to outsource payroll tax management entirely, then you may be a candidate for PayTax Plus. Compare our solutions by viewing our Buyer’s Guide.
Step 3: Contact Us
We can’t help you if you don’t talk with us. Let us help you avoid the horrors of year-end payroll tax management. Contact us here.