As a payroll professional, your role demands precision and foresight, particularly as the calendar resets. To ensure a seamless beginning to the new year, here are some proven tactics for a flawless payroll kickoff in 2024:
Watch The IRS
Signing up for their newsletter will help you keep pace with federal, state, and local tax updates, which often undergo alterations as the year begins. Resources like the Internal Revenue Service (IRS) website offer a wealth of information on new tax laws, rates, and regulations. Stay vigilant for updates concerning essential forms such as W-4, pivotal in recalculating withholding amounts.
Prepare for Annual Reporting with Construction Specific Forms
Beyond W-2 and 1099 forms, payroll professionals in the construction industry might encounter forms like Form 941 and Form 943, depending on the nuances of their business. These additional forms necessitate accuracy and timely distribution. Click here for instructions and deadlines for these important forms in 2024.
Update Employee Records
Who says you have to wait until spring to do some cleaning? At the dawn of the year, employee records demand meticulous attention. Promptly incorporate changes such as staffing adjustments, salary revisions, promotions, terminations, or modifications in benefits into payroll records. Check out our blog series on spring cleaning your payroll data to get a head start.
Review Benefit Plans and Deductions
Confirm any alterations or renewals in employee benefits, retirement plans, healthcare contributions, and other deductions. Be sure to send clear communications to employees ahead of changes to avoid concern and anxiety.
Double Check Compliance
For compliance updates specific to the construction industry, turn to resources like the U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) website. Industry-specific associations may also provide tailored guidelines for compliance in the construction sector.
Test and Update Payroll Systems
Regularly test payroll systems for compliance and accuracy. Software vendors often release updates in line with new tax laws and regulations. Refer to their websites or support channels for guidance on updating systems effectively.
Take the first step toward an updated construction payroll service by utilizing our free payroll assessment. We’ll take a brief look at the efficiency and effectiveness of your current payroll system to help set you up for success in the new year.
For more payroll insights for 2024, check out our blog “Upgrading Your Payroll Solution In 2024”.