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The Complete Idiot's Guide® To Accounting by Lita Epstein, Shellie L. Moore

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Chapter 23
Year-End Payroll Reporting
In This Chapter
• Generating W-2s
• Reporting on the W-3
• Completing 1099s
• Filing annual reports
Now that we’ve completed the monthly tasks, let’s take a look at how to start the process of closing the books at year-end. You should go ahead and close the December month-end the same way you would close any other month. That way you can find any problems specifically related to that month more easily before trying to balance the books at year-end.
The first step in year-end close is to close your payroll and record any additional payroll tax payments you may need to make. You probably have made most of your payments using quarterly forms and coupons as discussed in Chapter 15. You need to record your ...

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