Payroll tax reports for the fourth quarter of the year are due to the IRS on the January 31th, which means you really need to consider getting a payroll company to do them for you.
Alright, alright, some people like to do them by hand, but here are some things that you should double check before the end of the year:
- Do you have an up to date W-4 for every employee? If people have had payroll changes recently, ask them to make sure that they don’t need to change their withholdings.
- Have you made sure to update your system with whatever the latest W-4 says? You don’t want it to be your fault if someone didn’t withhold enough.
- Do you have a schedule for remitting the withholdings on time? They’re due with the payroll tax deposits, but different size companies may have different timing on them (next day, semi-monthly, monthly, or quarterly).
- Do you know what form your state requires too? In New Mexico (right now in 2018) it’s probably included on the CRS reports that you file, but you may also need to file a TRD-31109, the Employers Quarterly Wage, Withholding and Workers Compensation Fee Report. Again, a payroll company or an accountant can help you be sure you’re filing everything correctly.
Payroll companies do a lot of this. It might be worth your time to focus on work and just pay the professionals to get it done, so keep that in mind.
Tags: irs