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December 05, 2019

4th Quarter Reminders 2019: 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 Year End Data by December 26th at 2 PM Eastern Time: Any submissions made after this point may incur late processing fees.

Verify your Employee Data: Prior to the end of the year, it is critical that you review and ensure that your employees' addresses, Social Security Numbers, and payroll information is up to date and accurate. Reports titled "Year End Employee Verification" were printed to each client's secure portal on 10/31/2019. Please review this information and reach out to your Payroll Specialist with any questions.

FUTA Credit Reduction States: Every year, the Federal government calculates the amount still owed from individual states as part of its Federal Unemployment Tax Act credit program. Any states that still have a balance owed become Credit Reduction states, meaning that an additional tax assessment is placed on every company operating in that state. Last year, employers in the state of California were assessed an additional 2.1% in FUTA to be paid in January when the annual 940 return was filed. These clients saw additional amounts debited from their accounts to cover the balance due during the last week of January. If your business is in a state likely to fall into this scenario this year, please ensure that you have additional funds available to cover the anticipated impound.

SUI Tax Rate: Please provide your 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. This rate is essential for accurate calculations of your tax returns. Incorrect rates may result in potential penalties for underpayment. States do not always provide myPay Solutions with updated SUI rate info. Therefore, we must rely on you to forward the tax rate info you've received. Providing this info allows us to close the gap on using outdated rates. If you have not already done so, please send your 2019 SUI tax rate. Additionally, please send your 2020 SUI tax rate upon receipt. Rates can be sent to your payroll specialist or faxed directly to our tax team at 888.403.5750.

2019/2020 Holiday Schedule
myPay Solutions will be closed on certain days as noted below. These days are considered non-processing days and have been accounted for in all Payroll Data Submission Deadline Schedules.

Please review your company's personalized 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*

Tuesday, December 24, 2019 (Christmas Eve)
myPay Solutions closes at 1:00 PM EST

Wednesday, December 25, 2019 (Christmas Day)
National bank holiday—myPay Solutions is closed

Wednesday, January 1, 2020 (New Year's Day)
National bank holiday—myPay Solutions is closed

Monday, January 20, 2020 (Martin Luther King Jr. Day)
National bank holiday-myPay Solutions is closed

Monday, February 17, 2020 (Presidents' Day)
National bank holiday-myPay Solutions is closed

Monday, May 25, 2020 (Memorial Day)
National bank holiday-myPay Solutions is closed

Friday, July 3, 2020 (Independence Day Observed)
National bank holiday-myPay Solutions is closed

Monday, September 7, 2020 (Labor Day)
National bank holiday-myPay Solutions is closed

Monday, October 12, 2020(Columbus Day)
National bank holiday-myPay Solutions is open

Wednesday, November 11, 2020 (Veterans Day)
National bank holiday-myPay Solutions is open

Thursday, November 26, 2020 (Thanksgiving Day)
myPay Solutions is closed

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

Questions?
For more info, contact your Payroll Specialist.