Mastering Year-End Payroll and Tax Compliance for 2024

Year-end payroll and payroll tax processing is a critical phase for payroll professionals, requiring a meticulous approach to ensure compliance and accuracy. This topic delves into essential tasks needed before and after the final payroll of the calendar year, from verifying employee data and tax withholdings to preparing for upcoming changes. Attendees will explore common issues, IRS compliance requirements, and actionable steps to close out the year smoothly and confidently. By mastering these tasks, payroll teams can avoid costly mistakes, prevent compliance penalties, and start the new year on the right track. This training empowers attendees with the knowledge to manage these complex, high-stakes responsibilities effectively.

• Verify and update employee and employer information to avoid discrepancies on tax forms.
• Identify and correct wage, tax, and benefit data errors before year-end reporting.
• Ensure compliance with IRS standards for Social Security and Medicare taxes.
• Properly handle deferred compensation, fringe benefits, and third-party sick pay.
• Accurately reconcile payroll data with Forms W-2, W-3, and 941.
• Prepare for upcoming year requirements, including updates to tax codes and state unemployment rates.

• Detailed steps to verify employee Social Security numbers, addresses, and tax indicators.
• Methods for confirming and updating wage and benefit data, including deferred compensation and group-term life insurance adjustments.
• Procedures for handling special items like taxable fringe benefits and backup withholding.
• Steps for final payroll closeout, including accounting for voided or reversed checks.
• Compliance checks for accurate reporting on Forms W-2, W-3, and 941.
• Reconciling end-of-year payroll data to avoid discrepancies and penalties.
• Tips for setting up the new year, including scheduling payroll dates, updating tax rates, and preparing for new payroll requirements.

• Payroll Managers
• Payroll Specialists
• HR and Payroll Directors
• Payroll Compliance Officers
• Financial Controllers overseeing payroll functions
• HR professionals involved in payroll processing and tax reporting

With over 20 years of experience across sectors like education, real estate, construction, retail, staffing, and technology, Brian Escobar is a distinguished HR and Payroll Director known for his expertise in global payroll operations, regulatory compliance, and HR management. He has led high-impact initiatives, from implementing comprehensive HCM systems and processing over 800,000 paychecks to achieving significant cost savings. A strategic leader, Brian excels in team development, process enhancement, and ensuring data accuracy across complex organizations. As the co-host of a popular payroll podcast, he shares his passion for teaching and advancing payroll best practices, consistently aligning payroll functions with organizational goals to drive productivity and sustainable growth.