December 11, 2023

3 important tasks for closing out the year & what you need to know

10 minutes

Year-end bonuses, W-2 forms and annual tax credit notices are three undertakings employers tackle to close out the year. In this episode, we’ll provide guidance to help you navigate these end-of-year responsibilities. Listen in as we cover:

[0:40] General considerations for end-of-year bonuses

[2:27] Overtime implications of bonuses

[3:32] Tax implications for bonuses

[4:32] W-2s: Timelines & how to furnish to employees

[7:02] Other required tax notices, like EITC, & key things to know

Copyright © 2023 ADP, Inc. All rights reserved. This content may not be distributed, reproduced, modified, sold or used without the written permission of ADP. The information is provided "as is" without any expressed or implied warranty, is based on generally accepted HR practices and is advisory in nature. This content is provided with the understanding that neither the presenters nor the writers are rendering legal advice or other professional services. Employers are encouraged to consult with legal counsel for advice regarding their organization's compliance with applicable laws. This material is current as of the date of this episode (December 2023).

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