Even though 2018 is coming to an end, there’s still time to maximize your opportunities. One of the ways you can capitalize is by making year-end payroll adjustments to maintain compliance with IRS regulations. In this episode of “Unique Perspectives – The DGC Podcast,” our guest is Dan Gaudet, CPA, a Principal at DGC and the leader of our firm’s Accounting & Business Advisory Services Group. Dan discusses why year-end payroll adjustments should not be ignored.
This is the second episode in a series of podcasts geared towards our Accounting & Business Advisory Services clients. The first episode discussed the importance of tax planning.
Here is a partial transcript from Dan’s interview with host Tom Annino.
Tom Annino: These IRS regulations have been in effect for years and they haven’t changed. With that in mind, people might be asking, “Why should I reassess this if they haven’t changed?”
Dan Gaudet: The rules have been around for many years but the amounts that need to be included in W2s are based on the year’s activity. You have to go through and evaluate how much was spent on certain insurance premiums, auto amounts; there are a lot of things to consider when looking at what needs to be included in W2s for certain shareholders.
TA: This is the second episode in a podcast series from our Accounting and Business Advisory Services group. The first episode was about tax planning. When you factor in tax planning along with year-end payroll adjustments, how important is it to reach out to your advisor and make sure that you’re well-positioned?
DG: It’s year-end, and it’s an opportunity to change the results before they’re finalized. You can’t make an impact on the year when the year is done. Certainly, reaching out to your tax advisor for year-end adjustments is important, and it’s a great time to touch base. Are there any planning opportunities? Especially with tax reform this year, is there anything that we should be considering or doing that might have an impact on your taxable income? Should you be maximizing a retirement contribution? Do you have a bonus coming that might be used for that purpose? There are a lot of things to consider and it’s necessary to do the analysis. Tax planning is a way to accomplish that goal.
Dan discussed four specific common adjustments during this episode:
To listen to the entire interview, click here or use the Soundcloud player above.
DGC’s Accounting & Business Advisory Services Group has the experience to advise you on your year-end payroll adjustments. For more information, contact a member of your DGC client service team, or Dan Gaudet, CPA at 781-937-5142 / firstname.lastname@example.org.