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Preparing For Year End In Payroll 2024
So Join Mark in this comprehensive look at 2025 changes in Federal and State requirements in the payroll arena. We will cover all of the following
- FEDERAL GUIDELINES
- The ERC – Last chance to claim this COVID-19 tax credit
- New Electronic Filing Requirements
- E-Filing procedures
- Remote Workers
- DOL Final rules on Overtime and Independent Contractors
- YEAR END OVERVIEW
- Common Problems
- Fringe Benefit reminders
- Payroll tax considerations
- Non-Resident taxation
- MONTH BY MONTH CHECKLIST - From October through March – all of the duties necessary to close out 2024 and start 2025 smoothly and efficiently.
Overview of the webinar
Year-end payroll is the careful review and verification of your financial information from the fourth quarter of the calendar year through the first quarter of the following year. Businesses are responsible for year-end payroll tasks related to employee payments and records, including:
- Accurately calculating tax liabilities, employee compensation, and deductions to be withheld from employee paychecks.
- Reviewing relevant tax documents to make sure you track all payments correctly in the new year.
- Completing and filing forms with the Internal Revenue Service (IRS), Social Security Administration (SSA), and state and local tax departments.
- Identifying and preparing for changes to local, state, and federal employment regulations that affect your business in the new year.
End-of-year payroll is critical to tax compliance. It ensures all federal, state, and local taxes are calculated and filed correctly.
Businesses can avoid penalties or legal issues from missed deadlines or errors by closing payroll, issuing all forms (such as W-2s and 1099s), and reconciling accounts. Being on top of this process helps you meet your legal obligations.
In addition to compliance, the end-of-year payroll provides financial clarity. By closing the year with accurate records, you can confidently plan for the next fiscal year, aligning your budget and financial goals. Payroll accuracy supports your business and employees' tax planning while setting you up for a clean start in the new year.
Who should attend?
- Payroll and HR Managers and Staff
- Hiring Personnel
- Internal and External Audit Personnel
- A/P Managers and Staff
- Personnel Executives
Why should you attend?
After attending this webinar, you will be able to:
- Know and comply with 2025 changes from federal and state governments.
- Summarize regulations for filing, classifying and taxing workers
- Avoid potential pitfalls in payroll tax reporting, reconciliation and payments.
- Evaluate and plan your year end payroll duties.
Faculty - Mr.Mark Schwartz
Mark Schwartz is an employment tax specialist and has over 15 years of employment tax experience as an independent consultant and as a payroll tax auditor with the State of California. He has managed an audit caseload of 20 ongoing audits, from small home-based businesses to large multi-national corporations. He is expert at defining regulatory and statutory requirements from local, State and Federal government agencies; and helping the average businessperson understand what that mean to their business. He has processed weekly and bi-weekly payroll checks plus tax forms for businesses with hourly as well as exempt workers, multistate operations and a wide variety of benefits. Mr. Schwartz provides consulting services encompassing payroll processing and payroll tax issues. These include payroll tax minimization, payroll tax compliance reviews, independent contractor studies, use of electronic transfers, deductions, benefits, etc. Markhas represented both clients and the State in front of the State Appeals Board.