Working with KeyLin: Your Year-End Guide to Payroll
As the end of the year approaches, there are many tasks to finish, both personally and professionally. From preparing for the holidays to wrapping up your payroll for the year, your to-do list may seem endless. While we can’t prepare your home for winter, we can help with your end-of-year payroll activities. We’ve put together our guide to payroll for the end of the year so you can finish this year strong and go into next year feeling prepared for whatever the year may bring.
Stay Ahead of Next Year with Your Guide to End-of-Year Payroll
As next year continues to approach, we have some best practices and advice on how to set your business and payroll up for success in the coming year. Consider this your guide to payroll as you end one year and look forward to the next.
Check-In With Employees
Touch base with your employees about any major life changes that have occurred throughout the year. Have they moved this year? If so, we’ll need their updated address so we can be sure to send their W-2 to their current address. Have they legally changed their name with the Social Security Administration (SSA)? If so, we’ll need that updated information, too, so their W-2 reflects their current legal name as it’s associated with their social security number.
Update Your Unemployment Account
If your company has an unemployment account, email us your Unemployment Tax Rate Determination notice as soon as you get it. That way, we can update our payroll software. (If you live in Minnesota, you can expect to receive this in early December. Other states may vary.)
Update Your Premiums for Medical Coverage
Do you offer health or medical insurance coverage (including through QSEHRA)? Send us your employees’ updated premium amounts in December if you can. That way, we can update our payroll software for the upcoming year so there are no surprises.
Implement Minnesota’s New Safe & Sick Time Policy
As of January 1, 2024, Minnesota has a new state-wide policy related to sick and safe time off. This is a new statewide policy that affects all businesses, regardless of number of employees and their full-time or part-time status. According to the Minnesota Department of Labor and Industry, under this new policy, “employees earn one hour of sick and safe time for every 30 hours worked, and can earn a maximum of 48 hours each year unless the employer agrees to a higher amount.” Sick and safe time can be used on illness, family member illness, workplace closure due to weather or public emergency, and more.
Implement New Minimum Wages
Beginning on January 1, 2024, Minnesota will be adjusting its minimum wage rates. The amount required to be paid in minimum wage will depend on the size of your business. The minimum wage will increase to $10.85 for businesses with annual gross revenue of at least $500,000, and the minimum wage will increase to $8.85 for businesses with annual gross revenue of less than $500,000. Both increases are 2.5%. For more information, visit the Minnesota Department of Labor and Industry website.
Safe Practice Reminders to Protect Your Business and Employees
Finally, we have some reminders for you about general best practices for collaborating with the KeyLin team on your payroll.
Client Communication
Please only communicate with KeyLin directly as the Client or designated payroll contact. We cannot communicate directly with employees. If, for some reason, an employee has questions about their payroll, please have your designated payroll contact contact us on their behalf.
Uploading New Documents
All new documents must be uploaded via the secure link beneath our email signatures. Please do not email us any documents. They have too much sensitive information to be emailed, and our link provides a secure alternative — let’s protect your information together!
Be Wary of Scams
Unfortunately, there are a lot of scams related to payroll. Be sure to be wary and protect yourself and your employees. If you receive an unexpected new direct deposit authorization form emailed to you from an “employee,” we recommend reaching out to the employee via another method, like a phone call or Slack message, to be sure that the authorization is legitimate.
Let KeyLin Be Your Guide to Payroll, Accounting, and Bookkeeping
No matter what end-of-year looks like for you and your business, KeyLin is here to support you. From updating your unemployment and medical insurance to ensuring your employees receive their W-2s, KeyLin is your one-stop shop for all your payroll, accounting, and bookkeeping needs. Not a Client yet? Stay ahead of the year to come with a complimentary first consultation to see if our services are a match for your needs.