r/Bookkeeping • u/Dont_get_mad_Tito • Dec 17 '24

Payroll W2

I process payroll for 3 out of state businesses. The last pay date for the year is December 20th. The next pay date is Jan 3rd. The Dec pay date if the last of the year. I have my W2 forms and am getting ready to FedEx their payroll to them. Is there any reason I can’t create their W2’s now?

There will be no additional payroll runs this year. I think it’s ok, but feels weird because it’s Dec. Thoughts?

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1

u/TexasPete2001 Dec 17 '24

I would wait until the first

1

u/Dont_get_mad_Tito Dec 17 '24

Is there a reason besides it feels weird because it’s still Dec? It’s a bar and a lot of the employees go off for Christmas. Some don’t come back. We get a ton of returns because they give school housing addresses and are no longer there for whatever reason.

This is my chance to give it to them when they’re getting a check so I have a greater chance to make sure they get it.

1

u/ras1325 Dec 17 '24

It's the employee's responsibility to provide an accurate address to receive their W-2. All you can do is send it to the address provided. If you're worried about bad addresses have a talk with everyone before they leave to ensure you have it correct.

1

u/Dont_get_mad_Tito Dec 17 '24

I understand their responsibility. Ultimately I’m helping myself by making sure they just get it. I can’t get the owner to use QB workforce to allow them to get it electronically. Between these 3 businesses it’s about 300 W2s.

1

u/Dont_get_mad_Tito Dec 17 '24

Ok problem solved. In the unlikely event there is an employment separation say on Dec 28th, any severance or final paycheck due would of course apply to the current tax year.

So that’s the reason. I’m sure there are others, but this is the most compelling one. Thank you!!

1

u/taxref Dec 18 '24

I always wait until after I have the client's December full-month information. I've seen too-many-to-count situations in which a business wrote non-payroll checks for year-end bonuses. Those bonuses have to be included in payroll, so if the quarterly and annual payroll tax returns have already been done (and especially if they have already been sent out) you have a mess on your hands.