October 10, 2008
Question of the Week: What Can I Do Now To Prepare for Year-end?
Filed under: News
Vision Payroll

This week’s question comes from Joe, a payroll administrator. I’m always busy at year-end. Is there anything I can do now to make 2008 year-end easier? Answer: There are several things that can be done to ease the year-end crunch.


  • Review each employee’s basic information including name, address, and social security number and update for changes or mistakes.
  • Be sure contractor W-9 forms are on file for preparation of any Forms 1099.
  • Review company paid time off policy and remind employees of any use it or lose it feature.
  • Accumulate data for special pay transactions including items that must be added for W-2 purposes. Examples include fringe benefits, including personal use of a company car, value of group-term life insurance in excess of $50,000, and medical premiums for certain S corporation shareholders. These items should be included with a live payroll run in order to collect the employee’s share of any taxes due.
  • Confirm with your pension plan administrator which employees should have pension indicator box checked on Form W-2.
  • Determine which employees will require an additional Form W-2 to report third-party sick pay.
  • Plan and schedule any additional pay runs, including holiday and performance bonuses and directors pay.

Vision Payroll can work with you to prepare now for a smooth year-end. Contact us now with any questions or concerns.


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