To help you close out the year, we put together important reminders to help ensure you have a successful 2024 year-end.
Can you believe it? Year-End is right around the corner! To help you close out the year, we put together important reminders to help ensure you have a successful 2024 year-end.Upcoming Payroll Dates
Please note the following key payroll dates on your calendars:
|
Date |
Notes |
|
Nov 11, 2024 |
Bank Holiday, allow for additional processing due to the bank holiday |
|
Nov 28, 2024 |
Eddy Payroll Office Closed & Bank Holiday, allow for additional processing due to the bank holiday |
|
Dec 25, 2024 |
Eddy Payroll Office Closed & Bank Holiday, allow for additional processing due to the bank holiday |
|
Dec 31, 2024 |
12:00 pm deadline to report all 2024 adjustments and changes |
|
Jan 1, 2025 |
Eddy Payroll Office Closed & Bank Holiday, allow for additional processing due to the bank holiday |
|
January 1—31 |
Prior to the first payroll of 2025, ensure all employee recurring deductions are updated, if necessary |
|
Jan 2, 2025 |
Be sure to update your state deposit frequency changes and unemployment rates |
|
Jan 20, 2025 |
Bank Holiday, allow for additional processing due to the bank holiday |
|
Jan 20, 2025 |
W2s are available online for Eddy Payroll accounts, paper W2s mailed to employees |
|
January 16-25 |
W2 and 1099 packages shipped to company address on file for Eddy via ADP Run accounts |
|
Jan 31, 2024 |
Deadline to distribute all W2’s and 1099’s to employees/contractors |
|
Feb 17, 2025 |
Bank Holiday, allow for additional processing due to the bank holiday |
End-of-year Checklist items
The end of year is a great time to review the following checklist to make sure you are in good standing for payroll:
- Do you have any ID numbers in “Applied For” status or unsigned POA’s? If so, navigate to Admin > Payroll > Payroll Setup > Tax Setup. Need instructions on how to apply? State Payroll Registration.
Verify employee and contractor information. Make sure legal names, addresses and social security numbers are up-to-date and accurate for each employee & contractor. This will ensure W2 and 1099 forms are accurate. Need to run a report with this information? You may do so in your payroll platform. Contact your account manager if you need assistance. - Before your last scheduled payroll of the year, make sure you have reported the following:
- Manual Checks
- Voided Checks
- Third-party sick payments
- Group term life insurance
- Moving expenses
- 401k and cafeteria plans
- Retirement plans
- Taxable fringe benefits
- Cash bonuses
- Any other necessary adjustments to employee wage and tax amounts
End of year bonus payments
Please be sure to process large payrolls, including bonuses, at least 48 hours prior to check date to allow ample time for the payroll to be reviewed. If the payroll figures are significantly larger than your usual payroll, a wire may be required by the banking team. If a wire is required, you will be provided the wire instructions by the day prior to check date. The wire must be received by the banking team timely to ensure timely payment to employees and tax agencies.
Although you can process a bonus at any time during the year, many do so around the holidays. Here are a few items to keep in mind when processing bonuses:- Do you want the bonus on your standard payroll? Or processed separately?
- If processing with your standard payroll, do you want the bonus added to the employee’s regular check or a separate check?
- Is the bonus amount the gross amount? Or the take home (net) amount?
- How would you like the bonus taxed? The IRS indicates you should tax your bonus checks with a supplemental tax rate. The supplemental federal rate is a flat 22%. Need other options? Feel free to ask your account manager.
- Which deductions, if any, should be included? 401k, garnishments, etc.
- Do you want the bonus processed as a direct deposit, or will you be issuing a paper check or paying with cash?
State Unemployment Rates
State agencies will begin to send notices regarding any changes to your deposit frequencies and/or unemployment rates for 2024. Please note that agencies do not notify us directly; therefore, you will need to update your rates in Eddy. Check out this help article to learn how: How to Update Unemployment Rates.
W2s and 1099s
Processing of W2 and 1099 forms will begin on January 1, 2024. Employees and contractors who have opted out of electronic delivery will be mailed a paper form directly to their address by January 31. Electronic copies will be available online in Eddy by January 20. Changes to W2’s and 1099’s after December 29, 2023 will be processed in the order received and are subject to additional service fees.
If you have any additional 1099’s you would like us to prepare and file for you we can help. Please report these amounts prior to your last payroll in 2024 to avoid additional processing costs.Eddy via ADP Run
For clients who are using our legacy payroll platform (ADP Run):
- For Eddy customers using ADP Run: supply any ID numbers to your account manager, if you are unsure if there are any missing, please reach out.
- Please be aware that during this time of year, delivery services can experience delays due to weather and an increase in volume. Please keep this in mind if you utilize payroll delivery services. Encourage employees to set up direct deposit. Process payroll as early as possible to allow for additional delivery time for live paper checks.
- State agencies will begin to send notices regarding any changes to your deposit frequencies and/or unemployment rates for 2024. Please note that agencies do not notify us directly; therefore, you will need to forward each notice to your account manager. It is important that you forward these notices, as it could result in additional penalty and interest due if not updated appropriately.
- Processing of W2 and 1099 forms will begin on January 1, 2024, for receipt by January 25. You and your employees can also view W2’s mid-January online with your ADP login. Changes to W2’s and 1099’s after December 29, 2023 will be processed in the order received and are subject to additional service fees.