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December 1, 2020

2020 4th Quarter Payroll Reminders

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IRS Published Revenue Procedure 2012-32

As your Reporting Agent for payroll tax filings, the IRS Published Revenue Procedure 2012-32 requires us to send you the following information on a quarterly basis. 

"Please be aware that you are responsible for the timely filing of the employment tax returns and the timely payment of employment taxes for your employees, even if you have authorized a third party to file the returns and make the payments. Therefore, the Internal Revenue Service recommends that you enroll in the US Treasury Department's Electronic Federal Tax Payments System (EFTPS)."

Recommended by the IRS and Encouraged by myPay Solutions

To monitor your account and ensure that timely payments are being made for you, the IRS recommends that you enroll in the US Treasury Department's Electronic Federal Tax Payments System (EFTPS). To enroll online, visit EFTPS.gov or to get an enrollment form, call 800.555.4477

Although there are no actions necessary, we encourage you to enroll in EFTPS if you'd like to monitor the payroll tax payments we make on your behalf. 

Note: State tax authorities generally offer similar means to verify tax payments. For details, contact the appropriate state offices directly. 

Submit all 4th Quarter Information to us by December 28, 2020.

To avoid tax penalties and re-processing fees, please submit all 4th quarter data to your payroll specialist by December 28, 2020.

Provide your State Unemployment Insurance (SUI) Tax Rate

Each calendar year, your business is assigned a unique state specific SUI tax rate based on your employment history. You should receive notification of your assigned SUI tax rate by mail from the agency, or you may need to obtain the rate online. This rate is essential to accurately calculate your tax returns, and incorrect rates may result in potential penalties for underpayment. myPay Solutions is not always provided updated SUI rate information directly from the state, therefore we rely on you to forward information you have received to close the gap on using outdated rates.

In order to check that we have the correct SUI tax rates, please check the last page of the Payroll Tax Summary – Detailed report in your most recent set of payroll reports:

In the coming weeks, please be on the lookout for your 2021 SUI tax rate notice, and forward the notice to us as soon as possible. If you have not already done so, please send your 2020 SUI tax rate as well. Rates can be sent to your payroll specialist or faxed directly to our tax team at 888.403.5750.

Make sure your company and employee data is up to date.

Please notify your payroll specialist of any changes to your company address, contact information or bank account information.

Please verify all employee personal, payroll and W-4 data for accuracy.

The W-4 is newly redesigned this year, so please ensure your employees are reading the instructions carefully before making any updates to their information. You should have a Federal Form W-4, Employee's Withholding Allowance Certificate along with any applicable state and local withholding tax forms on file for each employee. FAQs on the new form can be found here.

A Form W-4 remains in effect until the employee gives you a new one. You are not required to obtain new W-4s for your employees each year unless they claim exemption from income tax withholding. Exempt W-4s expire on February 15 of the following year. If employees claim exemption from tax withholding they must give you a new Form W-4 each year. If the employee does not provide a new W-4, withhold at the highest amount or use the last W-4 on file with filing status and allowances.

2020/ 2021 Holiday Schedule

The holiday schedule below shows dates that represent a national bank holiday and/or dates myPay Solutions will be closed. National bank holidays are considered non-processing days and have been accounted for in all Payroll Data Submission Deadline Schedules.

Please review your company's personalized payroll schedule carefully to ensure that you're able to meet submission deadlines. *Schedules can be generated within myPay Solutions Direct by accessing Actions>Print Reports>Payroll Schedule*

Friday, December 25, 2020 (Christmas Day)
National bank holiday-myPay Solutions will be closed

Friday, January 1, 2021 (New Year’s Day)
National bank holiday—myPay Solutions is closed

Monday, January 18, 2021 (Martin Luther King, Jr Day)
National bank holiday—myPay Solutions will be closed

Sunday, January 31, 2021
Deadline for distribution of employees’ W2s and 1099s

Monday, February 15, 2021 (Presidents’ Day)
National bank holiday—myPay Solutions is closed

Monday, May 31, 2021 (Memorial Day)
National bank holiday—myPay Solutions will be closed

Monday, July 5, 2021 (Independence Day Observed)
National bank holiday—myPay Solutions will be closed

Monday, September 6, 2021 (Labor Day)
National bank holiday—myPay Solutions is closed

Monday, October 11, 2021 (Columbus Day)
National bank holiday—myPay Solutions is open

Thursday, November 11, 2021 (Veterans’ Day)
National bank holiday—myPay Solutions will be open

Thursday, November 25, 2021 (Thanksgiving Day)
National bank holiday—myPay Solutions will be closed

Friday, November 26, 2021 (Day after Thanksgiving)
myPay Solutions is closed

Friday, December 24, 2021 (Christmas Day Observed)
National bank holiday—myPay Solutions is closed

 

Questions? 
For more info, contact your Payroll Specialist.