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Outsourcing payroll duties can be a sound organization practice, but ... Know your tax obligations as a company

Many employers outsource some or all their payroll and associated tax duties to third-party payroll provider. Third-party payroll service suppliers can enhance business operations and assist fulfill filing deadlines and deposit requirements. A few of the services they provide are:

- Administering payroll and work taxes on behalf of the company where the company supplies the funds at first to the third-party.
- Reporting, collecting and transferring work taxes with state and federal authorities.

Employers who contract out some or all their payroll obligations ought to consider the following:

- The employer is eventually responsible for the deposit and payment of federal tax liabilities. Although the company may forward the tax amounts to the to make the tax deposits, the company is the responsible celebration. If the third-party fails to make the federal tax payments, then the IRS may evaluate charges and interest on the employer's account. The company is accountable for all taxes, penalties and interest due. The employer might also be held personally responsible for particular unsettled federal taxes.
- If there are any concerns with an account, then the IRS will send correspondence to the company at the address of record. The IRS highly recommends that the company does not change their address of record to that of the payroll provider as it may considerably restrict the employer's ability to be notified of tax matters involving their business.
- Electronic Funds Transfer (EFT) must be used to transfer all federal tax deposits. Generally, an EFT is made utilizing Electronic Federal Tax Payment System (EFTPS). Employers ought to guarantee their payroll service providers are using EFTPS, so the employers can confirm that payments are being made on their behalf. Employers ought to sign up on the EFTPS system to get their own PIN and utilize this PIN to regularly validate payments. A warning should increase the first time a company misses a payment or makes a late payment. When an employer signs up on EFTPS they will have on-line access to their payment history for 16 months. In addition, EFTPS allows companies to make any extra tax payments that their third-party company is not making on their behalf such as estimated tax payments. There have actually been prosecutions of individuals and business, who acting under the appearance of a payroll provider, have actually stolen funds meant for payment of employment taxes.

EFTPS is a secure, precise, and simple to use service that provides an immediate verification for each transaction. This service is offered free of charge from the U.S. Department of Treasury and allows companies to make and verify federal tax payments electronically 24 hr a day, 7 days a week through the web or by phone. For additional information, employers can enlist online at EFTPS.gov or call EFTPS Customer Service at 800-555-4477 for an enrollment type or to speak with a client service representative.

Remember, employers are ultimately responsible for the payment of earnings tax kept and of both the employer and staff member portions of social security and Medicare taxes.

Employers who believe that a costs or notification gotten is a result of a problem with their payroll provider ought to contact the IRS as quickly as possible by calling the number on the costs, composing to the IRS office that sent the costs, calling 800-829-4933 or checking out a local IRS workplace. To find out more about IRS notifications, costs and payment choices, refer to Publication 594, The IRS Collection Process PDF.