US Payroll – Step 12: Year-End Tasks (Easy & Clear)

💼 US Payroll – Step 12: Year-End Tasks (Easy & Clear) :-

1️⃣ Prepare & Distribute Form W-2:
*Provide W-2s to all employees and file W-2/W-3 with SSA.
*Due Date: January 31 (for both employee copies & SSA filing).
*Example: If an employee earned $45,000, issue their W-2 by Jan 31st.

2️⃣ Follow Electronic Filing Rules:
E-filing is required if total information returns ≥ IRS threshold.

3️⃣ Issue Form 1099-NEC to Contractors:
*Send 1099-NEC to contractors paid $600+ and file with IRS.
*Due Date: January 31 (recipient copy + IRS filing).
*Example: If a contractor was paid $1,200, issue the 1099-NEC by Jan 31st.

4️⃣ Accuracy Check:
Double-check names, SSNs, EIN, and wages/taxes before filing to avoid corrections.