☐ Verify home address for all employees
☐ Reconcile all vacation/sick and/or Paid Time off balances for year-end payout or carryover if applicable
☐ Move current year terminated personnel files to storage
☐ Remind employees to file an amended W-4 if there has been a change in their filing status, exemptions, etc.
☐ Audit and run EEO reports and submit as required by law (depending on organization size >100 EEs).
☐ Review what you were able to accomplish this year and develop goals for the next year to keep you motivated and growing. Analyze and project costs.
☐ Reconcile manual checks to annual totals
☐ Send reminder to employees to verify social security number and address on pay stubs
☐ Review taxable fringe benefits that must be posted into payroll for W2 reporting.
☐ Capture all information (ex: personal use of company car, relocation, bonuses, etc.).
☐ Check third party sick pay (short or long term disability) postings to make sure you have captured all information required
☐ Create a list of outstanding checks to insure you comply with your State Escheat Laws (unclaimed property).
☐ Fully pay vendors and contractors. Check with accountant to see if your contractors need to submit a W-9 form. By January 31, each contractor should have also filled out a 1099-MISC form.
☐ If paid quarterly, track taxes already paid to determine what is due at year’s end. Include taxes from bonuses given to employees; these are also subject to any taxes applicable to regular pay.
☐ Verify current employee and accurate dependent coverage
☐ Distribute new health/dental insurance cards
☐ Compile Census information for retirement plan testing (highly compensated).
☐ Review list of which employees have life insurance over $50,000 to report taxable income for taxable group term life insurance.
☐ Verify Flexible Spending Account balances to confirm that employees will have total amount deducted by end of calendar year.
☐ Send applicable year-end compliance notices and prepare Form 1095-C for ACA reporting.
Or opt for this looser guide:
YEAR-END Checklist
I-9 AUDIT
Expiring Documents / Records / Licenses, Credentials
Verify home addresses for things like W-2s / 1099s and other end of year disclosures
Make sure benefits withholdings match up to elections for the coming year. Verify participants (EE + Dependents). Verify FSA / HRA / HAS
EEO reporting for 100+ EEs
Reconcile PTO
Prepare tax forms related to 1099, W-4s, and ACA
If not already beholden to ACA, look back over previous 12 months for average monthly FTEs and gauge ACA status
Review compliance training calendar and participation
Forecast necessary training for coming calendar year, and schedule trainings:
· Fed / State / Local requirements
Analyze:
Look at PTO and consider waste or other value adding benefits for employees
Review HR’s function and consider next year’s goals. Be a purpose driven organization by formulating a vision and cultivating buy-in.