With the new year upon us, please refer to the following important deadlines when planning your bonuses, extra payrolls and adjustments for 2021.
Any 2021 payrolls and adjustments must be complete before any 2022 payrolls can be processed.
A few important points to remember:
- Bonuses and extra payrolls: If you are paying bonuses or have extra payrolls that need to be included in your 2021 W-2s, notify your payroll specialist by Friday, Dec. 10, 2021 (Note: Funds may need to be required).
- Payroll adjustments: Make sure payroll adjustments (e.g., voided checks) are recorded in the payroll system before your last payroll dated in 2021 is processed.
- Year-end adjustment cut-off date: Payroll adjustments must be processed by 3 p.m. Central time on Friday, Dec. 10, 2021. Adjustments made after Dec. 10, 2021, may result in a W-2 C for employees, along with amended tax returns and fees, if applicable. We encourage you to process adjustments well in advance of Friday, Dec. 10, 2021.
- Fringe benefit adjustments: Identify and schedule special payroll adjustments, such as group-term life, auto allowances and other fringe benefits. Some of these fringe benefits require tax withholdings and need to be entered at the same time as a normal payroll run before the end of the year.