Anchor Payroll Blog

Your 2020 Year-end Payroll Checklist

Posted by Anchor Staff on Dec 13, 2020 6:43:54 PM


✔ Review the payroll processing holiday schedule to avoid late direct deposits or deliveries.

✔ Last day to process payroll for 2020 is Wednesday, December 30 for live checks dated Thursday, December 31.

✔ Process any bonus/unscheduled payrolls.  Please contact your payroll specialist in advance to schedule a bonus/unscheduled year end payroll. Additional processing days may be required for larger direct deposits.

✔ Process any payroll adjustments with Anchor Payroll before December 30, 2020 to avoid additional fees.

✔ Verify all federal & state tax identification numbers on your quarterly returns that have been processed for 2020.  Notify Anchor Payroll of any changes.

✔ Verify employee information is correct, including, address, social security number, correct name spelling, ZIP. 

✔ Verify all manual and voided checks have been entered into payroll history.

✔ Forward any Federal or State filing frequency notices to Anchor Payroll. 

✔ Report any Sick/Disability Payments made to your employees in 2020.

✔ Report any payments made to independent contractors that require a 1099. 

✔ Review and submit any applicable fringe benefits (i.e. Employer HSA, GTL, Personal Auto Use, S-Corp Insurance, Moving Expenses, etc.) before December 30, 2020 to avoid additional fees.

✔ If you are required to report Employer Sponsored Health Coverage and/or ACA 1094c/1095c, please provide Anchor Payroll with the appropriate information. This is required for most large employers.

Topics: payroll, checklist