Payroll start of year

Plan for the beginning of the financial year by applying any tax filing and deposit schedule information before the end of the first quarter each year.

How it works

It's important to adjust your payroll settings each year to include any changes passed on by the IRS and state government agencies.

Most states require that businesses update their tax and filing details for the upcoming year before March 31, or even earlier, so that all benefits and deductions, and other pay items, are correctly applied and managed for each pay run and quarter in the year following.

Start of year tasks in Xero

  1. Review and update state unemployment tax rates
  2. Review and update your deposit schedule