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For small business bookkeepers and CFOs, year-end imposes additional obligations, as ongoing payroll tasks must be managed alongside year-end tasks, all the while gearing up for 2013. The key to successfully handling these tasks in December and January is careful planning, delegation when possible and attention to deadlines.

To that end, compiling a list of tasks, assigning them, setting deadlines, and following up will help ensure that nothing falls through the cracks. This is essential, as mismanagement or failure to file required documents by set deadlines can result in interest, penalties, and unwelcome attention from tax authorities.

Here’s some information on the top priorities regarding Pensoft Payroll Blog management at year’s end as 2012 comes to a close and 2013 begins:

Closing out 2012: While continuing to manage payroll processing as usual, it’s time to close out the year, ensuring payroll was completed accurately and running month end, quarter end and year-end reports. This means conducting a thorough review via reconciliation of all payroll and tax records to ensure compliance with applicable federal, state and local tax rules. Employers are also required to prepare and disseminate W-2 forms to their employees and 1099s to independent contractors by Jan. 31, 2013 for 2012 compensation and benefits paid.

Filing 2012 tax returns: With federal, state and local tax jurisdictions requiring returns on various aspects of business operations, preparing tax returns is somewhat more intricate than previously. About the federal levels, small companies have to data file returns quarterly for federal tax assessment, Public Safety measures and Treatment tax; federal redundancy tax reports are generally recorded at year-end. Regarding state returns; claims with tax assessment call for getting and a lot of likewise call for getting involving reports for redundancy and incapacity income taxes paid. Urban centers, villages and areas in which garnishment income taxes normally call for tax assessment getting from the initial quarter involving 2013 at the same time.

Be prepared for 2013: Each Start of the year there are actually brand-new likes and dislikes and a few of people unavoidably impression payroll. Simply each of our future web sites on Treatment and Public Safety measures tax alterations plus the brand-new appointments for real money workplace and member of staff public safety measures and Treatment income taxes plus the federal tax withheld from workplace income. For the time being, this is the report on 2013 National trips on your data.