The Payroll Factory, Inc. February 2021 Newsletter
In the payroll world, January is the busiest month of our
year. But February also keeps the
payroll world busy. Today being February
1st, W-2’s and 1099’s must be in the hands of your client’s
employees who were on the payroll in 2020.
Federal, State and Local W-3 reconciliations (with the exception of
Philadelphia) are due today or sometime during this month.
Are your clients taking out the correct IRS standard mileage
rates for 2021?
1.
56 cents per mile driven for business use.
2.
15 cents per mile driven for medical or moving
purposes for qualified active members of the Armed Forces.
3.
14 cents per mile driven in service of
charitable organizations.
A few weeks ago, the IRS issued guidance regarding the
deferral of employee Social Security taxes from September 1st, 2020
to December 31st, 2020. This
applied to employees who were paid less than $4000 every two weeks. The deferred money was to be deducted between
January 1st, 2021 until April 30th, 2021. The IRS has now moved the period to be
deducted till December 31st, 2021.
Thank you very much.
Steve Sabel
Senior Account Relationship Manager
The Payroll Factory, Inc
18 East Lancaster Avenue
Malvern, Pennsylvania 19355
267-907-4179 cell
steve@prfusa.com
