Imagine you’re running the Boston Marathon, and a spectator’s sign reads, “Great job, you’re almost done!” Supportive gesture, right? The problem is that you’re only on Mile 22. While those on the sideline see you as so close to finishing, your knees are acutely aware you have four more miles to go.
Similarly, completing the end-of-year payroll isn’t actually the end of your payroll responsibilities. Instead, the beginning of the year is when you enter the final stretch of closing your books. And to cross that hypothetical finish line, you’ll need to tackle many organizational and filing tasks that ensure tax compliance and accurate payroll records.
Below are five steps to complete after your year-end payroll tasks.