Monday Dec 16, 2024
Bonuses, W-2s & annual notices: 3 important tasks for closing out the year
When it comes to closing out the year successfully, considering year-end bonuses, providing W-2 forms, and furnishing annual tax credit notices to employees are three important undertakings for employers. In this episode, we’ll provide guidance to help you navigate these end-of-year responsibilities. Listen in as we cover:
- [0:44] General considerations for end-of-year bonuses
- [2:45] Overtime implications of bonuses
- [4:53] Tax implications for bonuses
- [5:53] W-2s: Timelines & how to furnish to employees
- [8:17] Required tax notices, like EITC, & key things to know
This content is based on generally accepted HR practices, is advisory in nature, and does not constitute legal advice or other professional services. ADP does not warrant or guarantee the accuracy, reliability, and completeness of the content. Employers are encouraged to consult with legal counsel for advice regarding their organization's compliance with applicable laws. This content is current as of the published date.
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