The release of the taxable wage base by the Social Security Administration in October generally signals the start of the year-end payroll process. The season concludes in February, when most reports and forms for the previous year have been completed and filed. Payroll professionals have about four months to close out the old year and properly start the new year.
To help employers navigate this busy time of year, Bloomberg Tax & Accounting offers its subscribers a clearinghouse of information on year-end payroll developments and duties.
The clearinghouse provides the latest federal and state updates, including the 2020 Social Security wage base, instructions for Forms W-2, standard per diem rates, updates on state income tax withholding and minimum wages, and information on forms, publications, and other documents. A list of key dates that are applicable for the year-end process also is available.
Click here to access the clearinghouse.