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Denver Accounting Firm End-of-Year Payroll Questions
January 10, 2020
As the end of the year approaches there are a number of items to consider for both yourself and business. Ensuring all loose ends are tied up in an effort to make for a smooth transition into the new year is first and foremost but what exactly does that entail? For starters, if you are responsible for paying employees, making certain all of their hours are up to date and planning ahead for the holiday season is critical.
Bank and federal holidays typically coincide and sometimes the two terms can be interchanged but certain banks will also be closed in or around these same dates. These are also relevant to the stock exchange holidays, of which there are nine upcoming in 2020 and one remaining in 2019 - Christmas Day (December 25). Noting when payrolls must be submitted in order to ensure your employees are paid, in addition to accounting for holiday bonuses and banking hours can all impact the end of year payrolls for you and your company.
If you have employees who are required to work on federal holidays, then many employers elect to reward this sacrifice with a special pay scale. The ‘holiday pay’ can increase an individual’s income for the time spent doing their job should it fall in or around a specific holiday. For example, if you have three employees who must work on Christmas, then they may be compensated for their time with twice normal pay over that period.
December also presents an opportunity for employers to divvy out bonuses for meeting certain goals, should a company’s fiscal year align with the traditional calendar. In many cases, this is often referred to as a Christmas bonus and in terms of payroll, it must be planned for accordingly. In order to ensure employees received these additional amounts prior to the holidays, processing and paperwork must be completed to not only determine the amounts but to also have them paid on time.
Scheduling and Hours
All of this relates to organization, planning, and double checking your specific bank’s hours around the holiday season. Depending on your payroll submission method, there may also be cut-off times associated with any service you are using. These may or may not match together with operating hours and are commonly ahead of holiday dates, so getting all of the necessary information submitted in a timely fashion to ensure everyone has an enjoyable break is important.
The tax and financial experts at Bloch Rothman and Associates are ready and willing to assist if you should need help preparing for the holiday season, end of year payments, submitting all required taxes, owing back taxes, or any other personal or corporate wealth management issues. In addition to providing a quality tax service, including navigating the intricacies of an audit, our group can also complete tax returns or answer any other factors associated with financial issues or concerns you may have. Serving in Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate or any other filings, don’t hesitate to contact us today. Available for all of your tax needs and filings, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and serving whatever your needs may be soon!