Lower Bucks County Chamber of Commerce: The Payroll Factory February 2021 Newsletter

Yardley PA

04 February, 2021

3:05 PM

Description

Press release from the Lower Bucks County Chamber of Commerce: Malvern, PA 02/02/2021 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 This press release was produced by the Lower Bucks County Chamber of Commerce. The views expressed are the author's own.