Year-end payroll preparation

[LaurenSQ]

Happy holidays from Square Payroll 🌟✨⭐🌠

There’s a lot going on this time of year and one thing that is top of mind for Square Payroll and for many employers throughout the United States is ensuring employees’ Forms W-2 and contractors’ Forms 1099-NEC are filed correctly and on time. We are here to answer questions and make sure this time of year is as stress free as possible. If you are currently using Square Payroll, you should have recently received our year-end guide which provides you with a timeline, checklist and answers to frequently asked questions. We hope this helps guide you through all your year-end payroll related tax questions.

Before Square Payroll starts filing your year end tax forms, we recommend taking these actions on your account as soon as possible (and before their respective deadlines). You can also find this information in the Year-End Information for Square Payroll support article.  

Action	Deadline
Review draft Form W-2s. Note: Draft Form W-2s are available year-round in your Tax Forms tab.	January 5, 2023
Review draft Form 1099-NECs. Note: Draft Form 1099-NECs begin generating on December 19, 2022.	January 5, 2023
Review and update paper mail settings for Form W-2 and/or Form 1099-NEC.	January 5, 2023
Update State Unemployment Insurance (SUI) tax rate	December 31, 2022, or before your first payroll run with a 2023 pay date
Update benefits, sick and/or paid time off	Before your first payroll run with a 2023 pay date
Last day to run an off-cycle payment for 2022	January 5, 2023
Last day to update team member's name, SSN, and address on draft forms	January 5, 2023
Last day to delete a payroll run or a team member’s pay stub from your payroll history and exclude the pay and tax information from your filings	January 5, 2023
Annual 2022 and Q4 2022 tax filings complete. Finalized Form W-2s and/or Form 1099-NECs are filed with the tax agencies and digital copies are posted to your online Square Dashboard. If you opt in to paper mail by January 5, 2023, physical copies will be mailed to each of your team members. Note: Additional state filings for AR, IA, MN, NJ, and OH will be completed by the state deadline of February 28, 2023.	January 31, 2023