Be Prepared for the End of the Year

As one of the craziest years that most of us can remember comes to an end, it’s time to think about the things we need to get ready for the end of 2020 and to start off 2021 on the right foot!  Regardless of how stressful this year was, let’s make your payroll year-end as smooth as possible by thinking about some of the things that will affect most of us:

• Please submit your payroll information as soon as possible.  With shorter work weeks due to holidays, delivery services unable to guarantee delivery and federal banking holidays (Thanksgiving and Christmas), submitting your payroll information as early as possible will help ensure that you see no delay in receiving your reports or getting your employees paid on time.
• Let us know if you’re planning on processing a separate bonus payroll.  There’s a lot to consider when doing a bonus payroll (taxes, live checks vs direct deposit, etc.), and notifying us to get it on your processing calendar is always appreciated.
• Remember to submit any year-end payroll adjustments (fringe benefits, company paid health, personal use of company vehicle, etc.) prior to year-end.  If you won’t have these numbers available before then, please submit your Year-End Hold Request by December 21st.
• Forward all of your state, IRS and unemployment rate updates and deposit frequency changes as soon as you receive them.
• Stay updated on any changes or extensions on Covid-19 related tax laws and how they might affect your company’s payroll.  We’ll, of course, be ready to answer any questions you may have about any of these changes.

Starting 2021 Off Right

For more a more detailed list of payroll items to think about as this year comes to a close, please read our Preparing for Year-End and 2021 guide.  Let’s make the end of 2020 the best we can and start 2021 on the best foot possible. Cheers!