As of October 27th, the IRS had 834,000 unprocessed Forms 941. They said they are still opening mail within normal time frames and have made significant progress in the processing of these forms.
As of the same date, the IRS’s total inventory of unprocessed Forms 941-X was 376,000, which cannot be processed until related Forms 941 are processed.
The agency said not all of these returns involve a COVID-19 credit, and the backlog is being worked on at two sites. The agency is taking actions to minimize delays, including rerouting tax returns and correspondence from locations that are behind to locations where more staff is available. Tax returns are opened in the order they are received.
PSS will be closing at noon on Friday, December 24th.
PSS will be closing at noon on Friday, December 31st.
Deliveries will be made on both of these days. Please be sure to report payroll prior to noon on both of these days.
Please note that deliveries for the last two weeks in December are heavier than normal due to the holidays. Although the courier service makes every attempt to deliver packages timely, delivery times cannot be guaranteed.
If you need your delivery by a specific time, we recommend processing your payroll a day earlier as deliveries will run later than usual.
Third-party sick pay must be reported in the tax year it is paid. Most agencies stopped mailing this so be sure to log in to access it. If you do not have this information with your last payroll of the year, please request that your end-of-year processing be placed on hold.
Forward all tax correspondence as soon as you receive it.
Forward all Scorp and Fringe benefits for processing no later than Thursday, December 30th.
Forward your 2022 unemployment rate to us when it is received. Some agencies stopped mailing these so you will need to log in to obtain this.
Federal and state unemployment start again as of January 1st.
For tax purposes, earnings on tax returns and W-2s are based solely on check dates. This means your first payroll in January will cover hours worked the last week in December. These wages will be reported on the 2022 W-2.
Most near-retirees mistakenly believe that once they get their freedom back, all their bad habits will vanish. They will magically transform into that happy person they always wanted to be. It’s a great dream. But it can’t happen without a deliberate plan that you execute on.
Being a part of Payroll Service Solutions gives you and your employees access to a free financial plan provided by PSS Benefits.
Click the link below to read the full article.
Opinion: I failed at retirement. How to avoid my mistakes. – Market Watch
PSS is excited to share that once again we are collecting for the Toys for Tots drive! Last year we had so many donations and know that this helped make the holidays special for many families. Let’s make 2021’s collection beneficial to even more children!
If you are able, please donate to help a child in need this holiday season.
You can drop off new, unwrapped toys in our lobby starting today and until December 9th from Monday through Friday between 7:00 am and 6:00 pm.
We appreciate your kindness and generosity!
The Form W-2 was established by the Current Tax Payment Act of 1943 as part of an effort to withhold income at source. The first Form W-2s were issued to employees in 1944. In 1965, the name was changed from “Withholding Tax Statement” to “Wage and Tax Statement” (current name).