Fear! Panic! Overwork!

Ok, maybe that was a little over the top. The end of the year is a generally busy time for payroll professionals. Year end payrolls, quarterlies,  and benefits maintenance are just some of the things that have to be done before you can celebrate on New Year’s Eve. To help with year-end tasks, we’ve created a couple of wizards in Ascentis Payroll that guide you through a lot of the routine tasks. There are some tasks that need to be done outside of payroll, so we’ve created this handy list below to check before you run your last payroll of the year:

• Verify SSNs. There may be IRS penalties for mismatched names/SSNs so avoid the tax man by going through your employee SSNs.
• Got employees who recently changed their filing status? Make sure they’ve filled out a new W-4 (not necessary if you have Ascentis Self-Service!).
• Verify employee addresses so W-2s go where they are supposed to.
• Offering new benefits? Make sure deductions are setup for new offerings.
• Got tax exempt employees? Make sure to get their W-4s in by February 15th so they can continue their exempt status through 2010.
• Employees getting the Advanced Earned Income Credit (AEIC) for 2009 need to complete a new W-5 before the first payroll in 2010 in order to continue receiving AEIC.

There are other reconciliations (e.g. wage & tax, GL, Bank) that need to be performed as well. If you have any questions about year end with Ascentis Payroll, give your CSR a call today!