Remote work and working from home offices, natural disasters, complexities around multistate reporting, and awards to employees under a qualified plan or nonqualified plan, are just some of the issues that have dominated employment tax and payroll professionals’ attention in 2022 – and will continue to do so into 2023. That is in addition to the typical year-end and preparation-for-the-new-year responsibilities and obligations employers face this time of year.
The Employment Tax Group with KPMG LLP (U.S.) has published an article on payroll year-end topics, including remote worker wage and taxation sourcing, prior-year legislation, and multistate wage allocations, as well as accounting for fringe benefits, gifts, prizes, and awards.
To access the article, click here.
WHY THIS MATTERS
This article aims to discuss the array of year-end matters that occupy the time and attention of employment tax and payroll professionals.
Many employers will have been working through their internal departments and/or with employment tax and payroll administration services providers to tick the various boxes to help ensure their compliance on a timely basis.
Getting the year-end processes and obligations right is critical to efficient and well-organized administration and timely reporting and document issuance.
RELATED RESOURCE
2022 Payroll Year-End Report and Checklist
Prepared jointly by KPMG Employment Tax and Bloomberg Tax & Accounting.
To learn more about the KPMG Employment Tax Services group.
The above information is not intended to be "written advice concerning one or more Federal tax matters" subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230 as the content of this document is issued for general informational purposes only.
The information contained in this newsletter was submitted by the KPMG International member firm in United States.
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