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Your Year-End Accounting To Do List

If you’re in charge of the bookkeeping and/or payroll for your business, this time of year means more than mistletoe and cookies! Like Santa, you’re making your list and checking it twice. To help you out, we thought we’d share our year-end accounting to-do list from our recent Employer Compliance Workshop:


  1. Prepare and review your 2017 payroll calendar to determine processing and pay dates, taking federal holidays into account:
    • New Year’s Day – Monday, January 2
    • Martin Luther King Birthday – Monday, January 16
    • Washington’s Birthday – Monday, February 20
    • Memorial Day – Monday, May 29
    • Independence Day – Tuesday, July 4
    • Labor Day – Monday, September 4
    • Columbus Day – Monday, October 9
    • Veterans Day – Friday, November 10
    • Thanksgiving Day – Thursday, November 23
    • Christmas Day – Monday, December 25
  2. Identify potential taxable benefits to add to payroll before 12/31/16:
    • Personal use of company owned/leased auto
    • Year-end bonuses
    • Christmas bonuses or gifts
    • Group Term Life insurance policies
    • 3rd Party Sick pay
    • Gift Cards/certificates
    • 2% S Corp shareholder benefits
    • Moving reimbursements
    • Educational benefits
    • Severance or settlement agreement payments
    • Manual checks not already entered to payroll
    • Void checks not already entered to payroll
  3. If you filed more than 250 Form W-2s in 2015, gather employee health insurance premium amounts paid during 2016 to be shown on Form W-2, Box 12, Code DD.
  4. If you prepare your own Forms W-2, 1095-C, and/or 1094-C, have you placed your order for forms and envelopes?
  5. If you submit your own electronic W-2 files, be sure to update your SSA BSO password and test your W-2 transmission with the Social Security Administration. More information is available at: https://www.ssa.gov/employer/
  6. Have all your employees verified their social security numbers (SSNs) and mailing addresses? Consider having them complete a personal information verification form.
  7. Run a preliminary W-2 list to determine whether any employees are missing SSNs or addresses. Review for any employees who have a SSN beginning with “9” or that is obviously incorrect (i.e., 123-45-6789).
  8. If you’re filing your own Forms 1095-C, be sure to register with the IRS for electronic filing if you have more than 250 forms.
  9. Remind your employees to complete a new Form W-4 if their address, withholding allowances, name or SSN need to be updated.
  10. Verify whether you have any foreign workers who need special treatment on Form W-2 (J-1 Visa or other types exempt from FICA/Medicare).
  11. Verify the due date of state reconciliation forms and/or W-2 filings, since several states have changed their 2016 due dates.
  12. Reconcile your W-2 totals to your Forms 941 and 941-Xs, checking federal, FICA and Medicare taxable wages. Identify any exempt items.

Accounts Payable

  1. If you process your own Form 1099s, have you ordered forms and envelopes?
  2. Have you updated your system with current W-9 information for vendors?
  3. Review your vendor payment list to determine whether there were any payments in A/P that should be reported instead on a Form W-2 for an employee rather than an independent contractor.

If you have questions about any of these items, please contact your Mize Houser relationship manager.