The end of the year may still be weeks away, but preparation starts now. In the first session of Greenshades’ Year-End Power Series, Kieran O’Connor (Director of Managed Services) and Josh McCullough (Chief Marketing Officer) laid out a strategic roadmap to help payroll and HR teams get ahead of common year-end stressors.
This session followed Greenshades' Year-End Checklist, serving up timely reminders, compliance updates, and practical checklists to kick things off with confidence.
⚠️Note: This information is for informational purposes only and does not constitute formal tax, legal, or compliance advice. Always consult with qualified tax advisors, legal counsel, and your organization’s internal teams for guidance specific to your situation. Additional regulations may apply. For the most accurate and up-to-date information, refer to official government resources and regulatory agencies.
🎥 Watch the Full Session here:
Table of Contents
- November: Prepare & Verify
- December: Reconcile & Validate
- January: File & Distribute
- February: Archive & Improve
- Q&A
- How Greenshades Supports You
November: Prepare & Verify
A smooth year-end forms process starts with advance preparation. This is the time to get your data—and your people—in sync.
Get Employee Data Right
- Ask employees to confirm name, SSN, and address through employee self-service.
- Verify SSNs and EINs with IRS and SSA tools or through Greenshades’ TIN verification partner, Mekorma.
- Confirm that all W-4s and W-9s are up-to-date and securely stored.
Coordinate with Third Parties Early
- If you have third-party sick pay, confirm:
- Who’s filing the W-2s?
- Who’s responsible for tax withholding?
- Who’s submitting Form 8922?
December: Reconcile & Validate
December is your last chance to catch and correct data issues before filings are due. Implement best practices to accelerate workflows and reduce errors.
Reconcile Core Data
- Match W-2 totals to 941s to prevent mismatched filings.
- Check the Social Security wage base—for 2025, it’s $176,100.
- Review all benefit-related income and imputed values, such as group-term life insurance.
Leverage Payroll Reports
- Tax & Wage Summary Report: Verify totals and cross-check with filings.
- Tax & Wage Detail Report: Review employee-level data for accuracy.
- Fix discrepancies before year-end closes to avoid costly corrections.
Looking for information on overtime reporting and other changes from the OBBBA? Our recent webinar, Keeping Up with OBBBA, broke down new reporting fields, deduction limits, and payroll adjustments. 🔗 Read the OBBBA Recap »
January: File & Distribute
By January, the focus shifts to accuracy, compliance, and timely distribution.
Finalize Forms Early
- Confirm electronic consent for W-2 and 1099 delivery—this can drastically reduce print and postage costs.
- Offer employees access via TurboTax or H&R Block integrations to simplify tax filing.
- Double-check form usage:
- 1099-NEC for contractor payments
- 1099-MISC for miscellaneous income
Plan Ahead to Avoid the Rush
- Order and submit forms early—vendors fill up quickly in January.
- Allow 1–2 weeks between employee distribution and IRS submission to capture any corrections.
- Remember: building in a short buffer now prevents time-consuming amendments later.
February: Archive & Improve
Just because the forms are out doesn’t mean the work is done. February is about documentation, reflection, and readiness for next year.
Archive Securely
- The IRS requires 3-year retention of records, but Greenshades recommends 7 years for added protection.
- Store files securely using encrypted digital archives to ensure compliance and data privacy.
Conduct a Year-End Review
- What worked well this season? What didn’t?
- Capture lessons learned and update internal year-end checklists.
- Document any system or policy changes for next year’s filing cycle.
Q&A
| Can we send a test file for IRS verifications? This is for 1099 name and TIN verification. | For SSN verifications we can send to the SSA. Greenshades partners with Mekorma for a TIN matching tool to validate names and TINs before filing. |
| So I can shred payroll files from 2013? | IRS minimum retention is 3 years. Greenshades archiving service defaults to 7 years for W-2s and tax documents. 2013 files can be shredded if your company’s policy doesn’t exceed the federal guideline. Review with your company's stakeholders and legal team for confirmation. |
| How should we handle reporting of “qualified overtime premium paid” on the W-2s? My research notes putting that in Box 14 as Other Info. | Yes, for 2025, you can report only the premium portion in Box 14. This applies only to federal overtime, not state-specific OT. |
| We use this platform already for 1099s, but wanted to know if you're already using the new IRS e-filing (IRIS) since the IRS is removing FIRE. | Greenshades will move to IRIS as FIRE is phased out. |
How Greenshades Supports You
Close the year with confidence using the all-in-one Greenshades Year-End Platform:
- Save Time: Import data directly from Greenshades Payroll, your ERP, or Excel.
- Streamline Processing: Manage W-2s, 1099s, and ACA forms in one secure platform.
- Easily Distribute: E-file with federal agencies or opt for professional print/mail fulfillment.
Early birds save more: Take advantage of discounted pricing and priority processing by scheduling your forms early.
