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Outsourcing payroll responsibilities can be a sound company practice, but ... Know your tax duties as an employer

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

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

Employers who contract out some or all their payroll duties need to think about the following:

- The employer is ultimately accountable for the deposit and payment of federal tax liabilities. Even though the company might forward the tax amounts to the third-party to make the tax deposits, the employer is the responsible party. If the third-party fails to make the federal tax payments, then the IRS may assess charges and interest on the employer's account. The employer is accountable for all taxes, charges and interest due. The employer might also be held personally responsible for specific overdue federal taxes.
- If there are any concerns with an account, then the IRS will send out correspondence to the employer at the address of record. The IRS highly recommends that the employer does not change their address of record to that of the payroll provider as it might substantially limit the company's ability to be informed of tax matters involving their organization.
- 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 must guarantee their payroll companies are utilizing EFTPS, so the companies can confirm that payments are being made on their behalf. Employers should register on the EFTPS system to get their own PIN and utilize this PIN to occasionally validate payments. A warning should increase the very first time a service company misses out on 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 employers 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 look of a payroll service provider, have stolen funds planned for payment of work taxes.

EFTPS is a safe, precise, and simple to utilize service that supplies an instant verification for each transaction. This service is provided totally free of charge from the U.S. Department of Treasury and enables companies to make and confirm federal tax payments electronically 24 hr a day, 7 days a week through the internet or by phone. To find out more, companies can at EFTPS.gov or call EFTPS Customer support at 800-555-4477 for a registration type or to talk with a client service representative.

Remember, companies are ultimately responsible for the payment of income tax kept and of both the company and staff member portions of social security and Medicare taxes.

Employers who think that a bill or notification received is an outcome of an issue with their payroll service provider ought to get in touch with the IRS as soon as possible by calling the number on the costs, writing to the IRS workplace that sent the bill, calling 800-829-4933 or going to a local IRS office. To find out more about IRS notices, bills and payment options, describe Publication 594, The IRS Collection Process PDF.