Synergetic Business Services

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Preparing for Year End

With the holiday season already in full swing; office parties, vacations and company shut-downs (if you’re lucky), it can make it easy to forget about the looming end of year requirements. Between closing out open enrollment and distributing employee tax documents the month of January can seem like a blitz of paperwork and confusion but there are a few things that you can do now to make it easier on yourself.

First, let’s review your company handbook. This is of course taking for granted that your company has an employee handbook. If you do not stop reading this and go get one. Any business with 1+ employees should have an updated, relevant employee handbook. Having an employee handbook protects your business and provides your employees with the standards and expectations of your company. Year end is a great time to review your handbook for outdated policies, addendums that should be added and loopholes that need to be closed.

Next let’s talk about verifying data for end of year documents. Issuing out employee form W-2 and contractor 1099’s can be a huge headache if your records are not up to date. To ensure you have accurate information have all employees and contractors to verify their addresses and social security or tax identification numbers. During this process it’s also a good idea to have active employees confirm their tax withholdings; just in case a life change such as a birth, marriage or divorce has occurred.

While this time of year can be hectic, a little planning can go a long way. If you need additional assistance creating your employee handbook or other human resources matters, please contact: Synergetic HR LLC at (770) 765-3065 or visit our website at https://synergetichr.com/