Year-End Payroll Planning: Essential Checklist for Yates County Businesses

ChamberEducationPress Release

Year-End Payroll Planning: Essential Checklist for Yates County Businesses

As we approach the end of 2024, it's crucial for Yates County business owners to prepare for accurate W-2 reporting and ensure a smooth transition into 2025. At Payroll Vault Penn Yan, we've compiled a comprehensive checklist to help local businesses manage their year-end payroll responsibilities effectively.

Essential Year-End Payroll Checklist:

  • Verify your current business mailing address is on file (especially important if your business relocated within Yates County this year)

  • Review employee information for accuracy: 

    • Name spellings

    • Social Security numbers

    • Current mailing addresses

    • Ensure all 2024 employees appear on year-to-date reports

Financial and Benefits Review:

  • Confirm your 2025 New York State unemployment insurance rate

  • Verify retirement account contributions: 

    • 401(k)/IRA deduction totals match account payments

    • Double-check business owner contributions are properly recorded

  • Review additional compensation items: 

    • Planned bonus or commission payments

    • Outstanding reimbursements

    • Fringe benefits

    • Owner medical coverage payments

Year-End Considerations:

  • Document any manual checks issued outside regular payroll

  • Calculate unused PTO/vacation/sick time payouts

  • Review any employees with special withholding arrangements

  • Process any 3rd Party Sick Pay or Group Term Life Insurance over $50,000

  • Report personal use of company vehicles and other fringe benefits

  • Identify independent contractors requiring 1099 forms

  • Align payroll schedules with holiday banking hours

  • Update benefit deductions following open enrollment

  • Prepare ACA compliance reporting (1095 forms if applicable)

Looking Ahead to 2025:

  • Review New York State minimum wage changes

  • Consider implementing new payroll best practices

  • Plan for any upcoming changes in benefits or deductions

  • Evaluate payroll processing schedule for the new year

Payroll Vault Penn Yan is committed to supporting Yates County businesses with accurate and compliant payroll services. For personalized assistance with your year-end payroll processing, contact our local office. We understand the unique needs of businesses in Penn Yan and surrounding Yates County communities.
From all of us at Payroll Vault Penn Yan, we wish you a joyous holiday season and a prosperous New Year.

Payroll Vault, 3661 Willett Road, Penn Yan, NY 14527.
Phone: 585-649-1192.
Email: marty.shipman@payrollvault.com.
Proud member of the Yates County Chamber of Commerce
 

Year-End Payroll Planning: Essential Checklist for Yates County Businesses