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June 09, 2020

2020 Second Quarter Reminders

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 2nd Quarter Information to us by June 25, 2020.
To avoid tax penalties and re-processing fees, please submit all 2nd quarter data to your payroll specialist by June 25, 2020.

Provide your 2020 State Unemployment Insurance (SUI) Tax Rate
Each calendar year, your business will be assigned a unique state specific SUI tax rate based on your employment history.  You should receive notification of your 2020 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from the state, therefore we rely on your forwarding any information you have received to close the gap on using outdated rates.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 latest set of payroll reports:

If you have not already done so, please send your 2020 SUI tax rate to your payroll specialist or fax 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 W4 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 Holiday Schedule
The holiday schedule below shows dates that represent a national bank holiday and 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 time submission deadlines. *Schedules can be generated within myPay Solutions Direct by accessing Actions > Print Reports > Payroll Schedule*

Friday, July 3, 2020 (Independence Day Observed)
National bank holiday—myPay Solutions will be closed

Monday, September 7, 2020 (Labor Day)
National bank holiday—myPay Solutions will be closed

Monday, October 12, 2020 (Columbus Day)
National bank holiday—myPay Solutions will be open

Wednesday, November 11, 2020 (Veterans’ Day)
National bank holiday—myPay Solutions will be open

Thursday, November 26, 2020 (Thanksgiving Day)
National bank holiday—myPay Solutions will be closed

Friday, November 27, 2020 (Day after Thanksgiving)
myPay Solutions will be closed

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

Questions? 
For more info, contact your Payroll Specialist.