2022 Year End Payroll Checklist: Tax Preparation

Use this checklist to ensure you close out the 2022 tax year successfully.

OVERVIEW

This checklist is designed to help you close out the 2022 tax year. Performing these tasks prior to December 31, 2022, will help ensure your tax filings are accurate.

TIP:

This article is part of a series! Review our complete 2022 Year End Payroll Checklist for a comprehensive list of tasks we recommend you complete to set yourself up for payroll success.

DATA REVIEW

 Employer Tax Identification Information

Review information on the Company > General page in Namely Payroll to ensure Employer Name, Address, and Tax Identification Numbers are correct. Submit a case in the Help Community if changes are needed.

 Verify Company Level Deductions

Ensure HSA, 401k Match, and other company-level deductions are accurate, match the data your providers have on file, and have not exceeded IRS limits in Namely Payroll. Run the Payroll Register (Excel) Report, located in the Date Range Reports section in Namely Payroll. 

 Review Quarterly Tax Variance Reports

Access tax information at Reports > Quarterly & Year End to view quarterly tax return information.

Be especially mindful of Applied for Jurisdictions. Applied for taxes have not been collected or filed by Namely and you may be responsible for any penalties and interest.

You can identify any uncollected taxes by pulling the Payroll Register report. They'll appear in the Uncollected Taxes (Due to Missing Tax Filing Information) section.
 

 Update State Unemployment Rates

Upon receipt of SUI rate notices from agencies, validate information and make any necessary updates in Namely Payroll on the Company > Tax page. Failure to update SUI rates in a timely fashion may result in over deposited taxes or penalty and interest assessments to your organization.  

COVID-19 REVIEW

 Review Employer Social Security Tax Deferrals Taken

Review your Employer Social Security Payment Deferrals from prior quarters. The remaining balance of your EIN’s 2020 employer-paid Social Security taxes will be due on December 31, 2022.

Review Workplace Location Changes

We advise that your employees perform a Paycheck Checkup to verify this information above, but it's worth taking a second look with so many workplace locations changing as a result of COVID-19. Review for withholding balancing and make adjustments for dual-state taxation.