A Smooth transition into 2021
Autumn is a time to regroup and reflect on our efforts and accomplishments throughout this extraordinary year. Take this time to review your company’s performance and focus on the achievements you have made. As Thanksgiving approaches, we hope that you have much to celebrate and that you and your family are safe and healthy. And let us hope that 2021 brings a much brighter outlook for all.
Review your company’s record keeping
Now, back to the business at hand; end of year company preparation tasks. We want to help make your company’s year-end closing as painless as possible. Let’s review your company’s accounting files now and make sure the books are in balance. Take this time to see that the financial records are up to date and that you track down any missing receipts and statements. If you need help with organizing your record keeping duties let us know as soon as possible.
For employers, now is the time to remind your employees to check that their W-4 information is correct and up to date. Things like their legal name, social security number, and current address for all current and former current-year employees. Any benefits that you provide and maintain for your employees should have a checkup as well. And don’t forget to make sure all paycheck information, including bonuses and commissions, have been properly reported.
If your company uses 1099 contractors, make sure that they have given you their W-9 forms. The best policy for your 1099 contractors is to ask for the W-9 when first retained for services. Check that they have provide their TIN (Taxpayer Identification Number) information on the W-9.