NCR Year-End Guide 2020-2021
Preparation guide and important dates
Payroll processing is a complex system of accurately recording compensation, taxes, and deductions. A successful year-end requires a variety of tasks, in addition to running your regular payrolls. Use the following guide to remind yourself of the schedule of tasks that need to be completed, regardless of what NCR platform you are using, as well as a list of resources.
The end of the year 2020 is fast approaching. This is a busy time of year and can be stressful. We hope this year end guide will be useful for you in preparing for the remainder of the year and overall readiness for W-2s.
The Consolidated Appropriations Act of 2016 includes a provision requiring the accelerated W-2 and 1099 filing due date. Due to the increased incidents of tax fraud and Identity theft, the IRS has moved forward with a provision to require employers to report W-2 and 1099 data to the Social Security Administration and IRS by January 31st.
It's essential for businesses to be prepared as soon as possible in the months leading up to the due date. This means organizations will have to participate in advanced planning to ensure all documentation is submitted accurately and on time. We encourage human resources and payroll teams to begin planning now and submit changes and year-end adjustments early. Please pay close attention to timelines and important cut-off dates in this Year-End Guide.
Important payroll dates
Date | Description |
12/11/2020 | Your last payroll of 2020 – Verify employee data (SSN, Address, YTD Earnings, Taxes, Deductions). |
12/25/2020 | NCR is closed. No bank activity. |
1/1/2021 | NCR is closed. No bank activity. |
1/4/2021 | If you choose to run a payroll in January 2021 and backdate it to December 31, 2020, you may be subject to penalty & interest, due to late payroll tax depositing. |
1/8/2021 | Last day to submit 4th quarter adjustments (fees may occur after this date). You may be subject to penalty & interest, due to late payroll tax depositing. |
1/4/2021 | First day to approve ACA forms. |
1/18/2021 | NCR is closed Martin Luther King Day. No bank activity. |
1/31/2021 | Deadline to postmark employee copies of W-2 and 1099 forms. |
1/31/2021 | IRS deadline for NCR to electronically file W-2 and 1099 forms. |
2/14/2021 | Last day to approve ACA forms and guarantee on time delivery to client. |
3/2/2021 | Deadline to postmark employee copies of 1095 forms. |
3/31/2021 | IRS/State (if applicable) deadline for NCR to electronically file 1095 forms. |
Federal Reserve 2020-2021 holiday schedule
When the Federal Reserve is closed, no direct deposit or tax payments will be sent nor, will funds be settled on those days. You should not have checks dated on Federal Reserve Holiday dates.
Holiday | Date Observed (Federal Reserve Closed) |
Christmas Day 2020 | Friday, December 25 |
New Year's Day 2021 | Friday, January 1 |
Martin Luther King, Jr. Day 2021 | Monday, January 18 |
President's Day 2021 | Monday, February 15 |
Memorial Day 2021 | Monday, May 31 |
Independence Day 2021 | Monday, July 5 |
Labor Day 2021 | Monday, September 6 |
Columbus Day 2021 | Monday, October 11 |
Veteran's Day 2021 | Thursday, November 11 |
Thanksgiving 2021 | Thursday, November 25 |
Christmas Day 2021 | Saturday, December 25 |
New Year's Day 2022 | Saturday, January 1 |
NCR Payroll & HR Solutions 2020-2021 holiday schedule
Holiday | Date Observed |
Christmas Day 2020 | Friday, December 25 |
New Year's Day 2021 | Friday, January 1 |
Martin Luther King, Jr. Day 2021 | Monday, January 18 |
Memorial Day 2021 | Monday, May 31 |
Independence Day 2021 | Monday, July 5 |
Labor Day 2021 | Monday, September 6 |
Thanksgiving 2021 | Thursday, November 25 |
Christmas Day 2021 | Friday, December 24 |
New Year's Day 2022 | Friday, December 31 |