7shifts Payroll: Year-End Checklist & Calendar 2023

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That's a wrap! As we approach the end of 2023, it's important to take some time to ensure that your restaurant is ready for the new year.  Here you'll find our recommended end-of-year payroll to-do list. 

2023 Year-End Checklist

  • Confirm Employee Information

  • Confirm that employees have verified their information and that it is up to date in their 7shifts user profile so their W-2s are correct.
      • This includes their home address, legal name, and SSN. Please note that names must match what is on their SSN, as the IRS may impose penalties for W-2 forms that contain incorrect information.
  • Encourage employees to opt-in and receive digital W-2s delivery to reduce mailing expenses.
  • Review which Employees have not opted-in for digital W-2s (head to Payroll > Tax Forms > W-2). For those who have not opted-in, you will have to manually print and provide them with W-2s.

  • Confirm Terminated Employee Information

  • Get in touch with our Support team to add in any terminated Employee(s) from this calendar year that may not be in the system.
  • Communicate to your terminated Employee(s) to let them know their W-2s will be coming from Check Technologies, Inc. on behalf of 7shifts.
  • Inactive/terminated employees can not opt-in for paperless W-2s, and will instead receive a hard copy mailed to their address on file.

  • Record Imputed Income

  • Ensure that 7shifts is aware of any third-party sick pay/disability pay.
  • Group Term Life Insurance (GTLI) should be declared to ensure compliance with tax laws and avoid any penalties.
  • Denote and record any 2% shareholders.
      • For these Employees, certain benefits that would normally be considered imputed income are not included in the shareholder's taxable income.

  • Payments

  • Confirm that manual checks, which have been issued outside of the payroll system, are included (i.e. paper checks that may not have been recorded as a payment).
      • If the Employee has a profile in 7shifts Payroll, you can run an off-cycle payroll to record the payment.
      • If the Employee does not exist in 7shifts Payroll, or has been terminated, get in touch with our Support team to provide us with the necessary information (gross pay, net pay, employee name) and we'll ensure it is included in the filing.

2023 Year-End Calendar

Here are important dates to remember:

December 11, 2023 Deadline for a December 15 payday (4-day processing)
December 13, 2023 Deadline for a December 15 payday (2-day processing)
December 18, 2023 Deadline for a December 22 payday (4-day processing)
December 20, 2023 Deadline for a December 22 payday (2-day processing)
December 25, 2023 No payday available (holiday)
December 26, 2023 Deadline for a December 29 payday (4-day processing)
December 27, 2023 Deadline for a December 29 payday (2-day processing)
December 29, 2023

Last pay date to be included in 2023 returns

Last day to submit payroll corrections, voids, and contractor data changes for 2023 taxes

Last day to set employee electronic delivery of W-2

January 1, 2024

No payday available (holiday)

Beginning of new tax year. Paydays of January 2, 2024 or later will be included in 2024 tax year regardless of the pay period
January 2, 2024 First available payday in 2024
January 15, 2024 No payday available (holiday)
January 16, 2024 W-2s available for download
January 22, 2024 Beginning of the W-2c period for tax year 2023
January 31, 2024

Last day to distribute W-2s to employees 

Employers must provide Earned Income Tax Credit Notices to eligible employees (if applicable to your State)

Preparing for 2024

  • Update W-4 Forms for 2024 Exemptions

  • Employees claiming exemptions from federal and state withholding tax must update and submit a new W-4 form by February 15, 2024, to maintain their exempt status for the new tax year.

  • If an Employee’s W-4 form is not updated for the new tax year, the IRS requires that Employers update the Employee withholding status to "single with 0 exemptions''—the highest withholding status. We do not automatically revert any W-4 exemption statuses on behalf of Employees. 
  • Employees can re-submit their information by heading to My Account > Taxes and Payment > Update tax withholding details > complete a new W-4.
  • You can export a report of W-4 Exempt Employees by heading to Payroll in the left navigation bar > Tax > Year End/W-2 Exmployees > Actions > Download W-4 Exempt Employees Report.
  • Update Unemployment Rate

  • Review the rate notice annually from your state
  • Unemployment taxes: Reminder that FUTA resets at the beginning of the year

  • Review and/or make changes to benefits

  • New benefit amounts for medical, dental and vision
  • Review sick and paid time off balances
  • Run Year-End Reports

  • Review your year-end payroll reports and decide whether you'd like to make any changes for the new year.
  • In the left navigation bar, head to Reports > Payroll > choose to run your Payroll Summary or Payroll Journal from the dropdown menu > set your date range > click Download CSV:

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