Year-end
Year-end readiness checklist
Reconcile books and payroll and collect vendor information early. Use the current tax year's instructions.
Before year-end, reconcile bank accounts, books and payroll records. Confirm vendor Forms W-9, update ownership and officer information, and check license and annual list dates.
Information-return rules change. IRS guidance indicates that certain reporting thresholds rise to $2,000 for payments made after 2025, with exceptions by payment and form type. Do not rely on the older $600 figure from memory; read the current-year instructions once they are final.
Wage reporting to the Social Security Administration uses SSA's current employer services. Check the SSA employer page for the current filing method rather than older login instructions.
Checklist
- Reconcile bank, books and payroll
- Collect missing Forms W-9
- Review current-year Form W-2 and Form 1099 instructions and deadlines
- Update ownership and contact records
- Confirm renewal and license dates for next year
Common misconceptions
- Myth: The 1099 threshold is always $600.
- Reality: Thresholds and exceptions vary by form and year. Check the current IRS instructions.