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December 1, 2020

Year-End Payroll Preparation and Important Dates

We made it to the final homestretch of 2020, and we’ll be ringing in the new year before we know it! To help prepare you for a smooth year-end and make sure you start the 2021 tax year off right, we’ve compiled a list of important dates and key reminders below.

Important Tasks & Reminders

W2/1099 Shipping Address: Employee Copies of Form W-2 or 1099 will be sent to the shipping address on file for your business. You should have received an email recently, asking you to verify your shipping address. If your shipping address needs to be updated, please fill-out the myPay Solutions Address Change Form and upload the completed copy to us securely by using the File Exchange option on your portal. To protect the security of your data, we cannot accept changes of this nature via email.  

Company & Employee Data: Please confirm that the business name, address and Tax ID are correct for your business and verify that the names, addresses, and social security numbers are complete and accurate for all employees that were paid this year. If corrections are necessary, please enter the updates online or contact your payroll specialist for assistance. If a correction to an employee’s Social Security number is entered, please be sure to notify us as amended returns may be required.

Year-End Checklist: Each year we send out a Year-End Guide & Checklist to prompt you to gather and report important payroll and tax information that is often processed at year-end. To ensure ample time for processing, it is ideal to prepare and report this information as early as possible. Please click here for the full year-end guide or see below for a summarized list of some key items we typically process at year-end.

  • Bonus Wages
  • Fringe Benefits (2% Shareholder Health, Personal Use of Company Car, Group Term Life in excess of $50,000.00, Additional Retirement Plan Contributions)
  • Additional Employer Paid Expenses
  • Third Party Sick Pay
  • Additional wages for employees or Independent Contractors paid internally that have not yet been processed by myPay Solutions. These amounts should be reported to myPay Solutions for year-end Reporting Purposes (W-2s/1099s). If you prepare and file your 1099s internally, you do not need to report the 1099 information to myPay Solutions.

MyPay Solutions 2020 Year-End Resources:

  • Click here to view our 2020 Year-End Overview, Tutorial Videos and FAQs

Year-End Billing: Year-end billing will begin in early January of 2021 and conclude by February 26, 2021. The charges will be included on your standard payroll invoice and collected in the same manner.

Important Dates

Friday, December 25, 2020 (Christmas Day)
National bank Holiday, MyPay Solutions is closed. Allow an extra 24-48 hours for direct deposit.

Monday, December 28, 2020 (2020 Reporting Deadline)
Process any year-end adjustments with us by December 28, 2020 to avoid additional fees.

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

Monday, January 11, 2021 (W-2 Shipments Begin)
myPay Solutions will begin shipping W-2 packages out to clients.

Monday, January 18, 2021 (Martin Luther King Jr. Day)
National bank Holiday, MyPay Solutions is closed. Allow an extra 24-48 hours for direct deposit.

Sunday, January 31, 2021
Deadline for distribution of employees’ W-2s, 1099s, and 1095Cs