Monday, December 28, 2020

Year-End Payroll is Complicated by New/Changed Laws for 2020



Year-end payroll isn’t only about generating a paycheck – it’s an important time to verify forms, employee information, tax changes, your accounting, and all payments, including anything your employees earned that wasn’t part of your regular pay schedule. 

For a company with one or two salaried employees, it can be a pretty straight forward process. The more complex your compensation, the more complex your year-end tasks may be. For example, bonus pay, handwritten checks, and paid time off can complicate your accounting. Especially if you haven’t processed payroll regularly, because of COVID.

This year, the COVID pandemic created more payroll changes than usual that may impact your small business, including:

  • The CARES Act
  • A new Form W-4
  • FFCRA-qualified leave
  • Social Security tax deferral
  • State and local changes
  • And more!

Experts recommend starting year-end payroll in October to process changes, get up to date on new laws, and give yourself extra time meet deadlines. If you’re already behind, Amador Accounting can get you caught up.

Learn more on our website or call Lisa Amador at 734-330-0907.


Sunday, December 13, 2020

Is Year-End Payroll Slowing You Down?



If you’re worried about how new payroll laws will affect your business, too busy running your business to take on the accounting, or just need a hand, Amador Accounting is here for your payroll needs, including: 

  • Updating payroll software, rates and elections
  • Reviewing and updating PTO balances and rollovers
  • Verifying wage and contribution limits
  • Reporting fringe benefit information
  • Verifying tax rates
  • Filing forms with the IRS

We know how important accurate payroll accounting is to you and your employees. When you trust your payroll to Amador Accounting, you can rest easy knowing your records are accurate and filed on time. And when you don’t have to worry about payroll laws and forms, you can focus on what matters most to your business: its future.

Learn more on our website!