Planning Priorities: Correct wage reporting, taxable fringe benefits, payroll reconciliations, and timely filing.
2026 Legislative Emphasis: Updated reporting requirements associated with qualified tips and overtime compensation, retirement plan contribution changes, and applicable payroll thresholds.
- Reconcile quarterly Forms 941 with payroll registers and year-end Forms W-2 and W-3.
- Verify employee names, Social Security numbers, and mailing addresses.
- Review taxable fringe benefits, including personal use of company vehicles.
- Review group-term life insurance coverage exceeding $50,000.
- Verify shareholder health insurance reporting for more-than-2% S corporation owners.
- Review employer-sponsored retirement contributions and elective deferrals.
- Verify treatment of bonuses, commissions, supplemental wages, and noncash compensation.
- Review accountable plans and reimbursements for employee business expenses.
- Confirm payroll tax withholding and deposits, including Social Security wage base limits.
- Review reporting of qualified tips and overtime compensation under applicable 2026 rules.
- Review state and local withholding, unemployment taxes, and remote employee payroll obligations.
- Confirm W-2 distribution and Social Security Administration filing deadlines.