Year End Hub
What was that saying? “Making a list, checking it twice”
Well, that also goes for your payroll activity at the end of the year! Check out the resources below to have a smooth & successful year end.
Important Dates &
Key Reminders
- Prior to starting your payroll process, please carefully check the pay dates & contact Innovative should you have any changes
- All payrolls must be processed by 1pm two banking days prior to pay date
- All adjustments must be recorded in a payroll with a 2023 pay date to be included on 2023 W2s (other compensation, bonuses, manual checks, voided checks, officers medical, group term life, personal use of company car, other taxable fringe benefits, third party sick, etc.)
- If you are issuing a manual check after your final payroll of the year but want it included in 2023, please contact us to run a supplemental payroll
- CA has updated their required sick policy from a minimum of 3 days to 5 days starting in 2024. Please contact us so we can update your accrual plans as needed
- Be sure to update the federal mileage rate within your company so employees are reimbursed appropriately
- Verify state & local minimum wage requirements so you remain compliant (UC Berkeley: Minimum Wage Ordinances). Update any employees rates of pay within the payroll system as needed
- Double check all 2024 employees (active & terminated) have accurate addresses & social security numbers listed on their employee records for W2 purposes
- This is a peak time for direct deposit fraud! We highly recommend getting a verbal confirmation from an employee before updating their data
- Large payroll runs may require funds to be wired to Innovative to make timely deposits. Please contact us if you anticipate having a larger than usual payroll run
- Significant changes to your account? Please let us know 3 weeks prior to your first 2024 payroll run
Innovative's Holiday Newsletter
Check out our Year-End Newsletter to be sure you are up to date on all of the New Year’s hot topics, changes & important dates.
2024 Tax Info Sheet
Stay current with the most recent tax rates, wages & limits for year 2024.
Year End Checklist
Feeling overwhelmed with the Year-End processes? Review our Year-End Checklist to make sure you crossed all your T’s & dotted your I’s.
Year-End Prep Training Video
Other Recommended Videos:
Supplemental Payrolls
Need to do an additional payroll run in 2023? Download the supplemental payroll request form below & email the completed form to IBSsupport@ibspayroll.com.
*As a reminder, all payrolls (scheduled or supplemental) need to be finalized 2 banking days prior to pay date at 1:00pm.
Forms & Filings
Quarterly & Annual
Tax Packages
Copies of your quarterly & annual tax package will be made available for to you to download from the WebHCM platform by the last week in January. Employer copies of W2s can be found within the tax package.
Employee
W2's
Hard copies of employee W2’s will be mailed via US Postal Service postmarked no later than January 31st, 2024. Addresses & Social Security Numbers MUST be updated by December 31st in order to reflect on the W2 distribution.
Earned Income Tax Credit (EITC) Notice
CA Employers: Be sure to distribute your EITC notices within one week of employees receiving their W2s in the mail. For more information on the EITC & Notice 979 please use the link below.
2024 FUTA Credit Reduction
What is FUTA Credit Reduction?
FUTA credit reduction is a penalty for states that borrow from the federal government to fund their unemployment insurance programs and do not repay the loans back on time – the deadline for repayment is November 11, 2023. Learn more on the IRS website.
What to expect?
FUTA Credit Reduction payrolls will be processed on January 3rd for all companies who are subject to Federal Unemployment with employees in California, Connecticut, Illinois, or New York. Tax liabilities, which amount to 0.6% of the year-to-date Federal Unemployment taxable wage for your employees in these states, will be collected from your payroll account in the first week of January.
What's On Your Wishlist For 2024?
Contact us to learn about the additional modules/features we offer & streamline your processes!
Payroll Processing
Our bread & butter! A web-based, paperless payroll processing system to accurately pay your employees.
Human Resources
From recruitment to onboarding, open enrollment & performance management - track the entire life cycle of your team!
Time & Attendance
Clocks, timesheets, PTO requests & more - all with a seamless integration into payroll processing!