2017 Year-End Prep for Small Business

As magical as this season is for some, it’s time to remember all the little financial details involved in year-end accounting. Weeks are whizzing by and getting W-2s together is a task you can no longer put off.

Take a look at our Year-End Checklist for pertinent reminders.

Items to Consider

It is important that you report your taxable non-cash fringe benefits before or during the last payroll of 2017. If you are unsure as to whether non-cash fringe benefits are applicable, please consult your accounting department or accountant.

If these taxable fringe benefits are not included with a regular payroll, the employer is required to pay the employee FICA tax in addition to the normal employer FICA tax.

The most common examples of non-cash fringe benefits are:

  • Personal use of company auto
  • Excess group term life insurance premiums
  • Third party sick pay
  • Sub-S owner health insurance premiums
  • Moving expenses (both taxable and non-taxable)

Examples of other items to consider before W-2 processing:
Box 13 checkboxes.
1. Pension plan
2. Statutory employee

Need help with compliance? Call us at 918.587.3321.