Preparation should entail
- completing Form 941 (Employer's Quarterly Federal Tax Return)
- reporting new hires (i.e., registering employee activity with the federal government on initial filings)
- reporting unemployment numbers (i.e., Form VA-6 [Employer's Annual Summary of Virginia Income Tax Withheld] and Form 941)
- completing year-end employee reporting (i.e., Form W-2 [Wage and Tax Statement] and Form W-3 [Transmittal of Wage and Tax Statements]).