Amador Accounting on Year-End Payroll
By: Michigan SEO Group
Year-end payroll is an important time to verify forms, employee information, tax changes, accounting, and all compensation, including any earned that wasn't part of the regular pay schedule. The more complex the compensation, the more complex the year-end tasks may be. For example, bonus pay, handwritten checks, and paid time off can complicate year-end payroll tasks. To further complicate it, this year payroll may not have been processed regularly due to COVID stay-at-home orders.
2020 Payroll Tax and Withholding Changes
The COVID pandemic created more payroll changes than usual that may impact small businesses. Changes for 2020 filing include:
• The CARES Act
• A new Form W-4
• FFCRA-qualified leave
• Social Security tax deferral
• State and local changes
• And more.
Experts recommend starting year-end payroll in October to process changes, get up to date on new laws, and have time to meet deadlines. Many business owners just starting out plan to do their own bookkeeping to save money, but often find that bookkeeping involves more than they expected.
Help for Small Business Owners
Amador Accounting can take care of a company's payroll needs, including:
• Updating payroll software, rates and elections
• Reviewing and updating PTO balances and rollovers
• Verifying wage and contribution limits
• Reporting fringe benefit information
• Verifying tax rates
• Filing forms with the IRS
Lisa Amador is an enrolled agent who has 25 years of experience working with small businesses. She is a member of the National Association of Taxpayers, as well as the National Association of Enrolled Agents. Lisa specializes in bookkeeping, business consulting, accounting, and tax preparation services.
Contact Lisa on the website at https://www.amadoraccounting.com or call 734-330-0907 for more information.