Is Your Company Ready for Year-End Processing? Federal Deadlines and ERP Tips to End the Year Strong
For those managing HR, payroll, and financial operations, this time of year isn’t just about holidays – it’s also a critical period for year-end tax processes and preparing for critical Q1 deadlines. While this can add complexity to your workload, much of the stress can be eased with proactive planning. Ensuring you’re familiar with upcoming federal deadlines and year-end closeout processes in your enterprise resource program (ERP) software is key to a smooth transition into the New Year.
With decades of construction technology experience, Tilson’s consultants specialize in guiding our clients through critical year-end deadlines and navigating the evolving requirements of their ERP systems. Below we share valuable tips, upcoming deadlines, and software-specific tasks to help you end the year strong and position your organization for success in the New Year.
Key Deadlines to Keep in Mind
As you plan for year-end and Q1 tax filings, it’s important to stay on top of two critical sets of deadlines:
Federal and State Filing Deadlines: These are the official deadlines for submitting tax information.
Vendor-Specific Deadlines: These are the deadlines set by your ERP software provider or 3rd Party Vendors you might be utilizing for submitting required information to meet the federal and state filing deadlines.
While the second set of deadlines is specific to your unique software vendor, the Federal deadlines are as follows (note that most states follow the same deadlines as the IRS, but always verify your state’s specific dates):
Form W-2 (W-2AS, W-2GU, and W-2VI) – January 31, 2025. You must file with the Social Security Administration and for disbursement to Employees by this date, though the IRS can grant a 30-day extension in extraordinary circumstances or catastrophes, requiring the submission of form 8809.
Form 941, Employer’s Quarterly Federal Tax Return for Quarter 4, 2024 – January 31, 2025.
Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return – January 31, 2025.
Form 1099-NEC, Nonemployee Compensation – January 31, 2025. This includes filing with the IRS and for disbursement to recipients.
Form 1099-MISC, Miscellaneous Income – February 28, 2025, if filing by mail, otherwise March 31, 2025, for filing electronically with the IRS. However, the deadline for submission to recipients is January 31, 2025.
Simple Steps to Ensure a Smooth Year-End
The final quarter of the year is the ideal time to set your organization up for success in the upcoming year. Here are a few quick tips to make this easier:
1. Validate Your Data
Review your data as early as possible to ensure the information you are using for forms is accurate.
2. Stay Informed on the Law
Familiarize yourself with any changes implemented by the IRS or your state, including adjustments to limits, deadlines, and filing methods.
3. Understand Your ERP Software
Check with your software vendor or third-party supplier for any process changes they may have been released.
Confirm that your software has been updated to reflect the latest vendor process changes.
If using third-party software to prepare or submit forms, their deadlines for information may be different. Ensure you know when you need to submit information so they can process and file your returns on time.
Allow yourself extra time to run processes several times to review and, if necessary, work with your vendor to correct any processing issues.
Vendor Specific Software Checklist
Vista
Process final payroll of the year.
Balance and reconcile leave.
Verify Employee Leave Overrides.
Run PR Leave Code Reset.
If using HR to update PR Benefits, run the HR Benefit update.
Balance Employee Accumulations.
Complete Quarterly Filings, as needed.
Run Year End Reports, as needed.
Verify Employee Information such as current mail address.
If not using Aatrix, order tax forms from Viewpoint Business Forms.
If using Aatrix, practice generating tax forms.
Complete ACA Processing and File.
Complete W2 Processing and File.
Update new rates and limits in PR Deductions/Liabilities.
Install tax update 2025-1 as soon as it becomes available.
Verify Vendor Information such as Address and 1099 checkbox.
Review, Process, and File 1099.
CMiC
Ensure the latest Vertex Updates have been installed.
If you are using Green Shades, ensure requirements are met and that you understand the deadlines and upload procedures. Also, test them prior to actually needing them.
Review Mid-Year Pay History after final payroll run to ensure totals are correct and amounts are accurate for W2 filings.
Ensure 1099 Limits are set correctly within the system.
Review 1099 Data by Vendor to ensure all amounts paid are associated with the appropriate box on the 1099 Form and that the correct form is linked to the box.
Ensure all information for any Vendor/Supplier/Subcontractor such as Tax ID, Legal Entity Name, and Legal Entity Type are all accurate to ensure the 1099 is accurate.
Spectrum
Complete the final 2024 pay cycle.
Print the period end payroll reports.
Perform the build W-2 forms.
Adjust tax tables for 2025 rates.
Change processing dates to 2025.
Perform the year-end update.
Commence regular 2025 pay cycles.
Complete W-2 processing.
If your organization needs additional support with your ERP and management software – from training and troubleshooting to software setup and process optimization – Tilson’s construction technology experts are ready to assist. With over 25 years of experience, we’ve helped construction teams streamline their workflows and overcome challenges with tailored ERP solutions. Let us help you navigate the complexities of year-end processes and set your team up for success in the new year.
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