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Outsourcing payroll tasks can be a sound company practice, however ... Know your tax responsibilities as a company

Many employers contract out some or all their payroll and associated tax duties to third-party payroll company. Third-party payroll company can simplify organization operations and help fulfill filing deadlines and deposit requirements. Some of the services they supply are:

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

Employers who outsource some or all their payroll responsibilities ought to think about the following:

- The employer is eventually accountable for the deposit and payment of federal tax liabilities. Although the company might forward the tax totals up to the third-party to make the tax deposits, the employer is the accountable party. If the third-party fails to make the federal tax payments, then the IRS might evaluate charges and interest on the company's account. The company is responsible for all taxes, charges and interest due. The company may likewise be held personally responsible for certain unpaid federal taxes.
- If there are any issues with an account, then the IRS will send correspondence to the company at the address of record. The IRS strongly recommends that the company does not change their address of record to that of the payroll service provider as it may substantially restrict the company's capability to be informed of tax matters including their business.
- Electronic Funds Transfer (EFT) need to be utilized to transfer all federal tax deposits. Generally, an EFT is made utilizing Electronic Federal Tax Payment System (EFTPS). Employers need to guarantee their payroll service providers are using EFTPS, so the employers can validate that payments are being made on their behalf. Employers should sign up on the EFTPS system to get their own PIN and use this PIN to regularly validate payments. A warning ought to increase the very first time a company misses a payment or makes a late payment. When an employer signs up on EFTPS they will have online access to their payment history for 16 months. In addition, EFTPS enables employers to make any extra tax payments that their third-party provider is not making on their behalf such as approximated tax payments. There have actually been prosecutions of people and companies, who acting under the appearance of a payroll service company, have stolen funds intended for of employment taxes.

EFTPS is a protected, accurate, and easy to use service that provides an immediate verification for each deal. This service is provided free of charge from the U.S. Department of Treasury and enables companies to make and verify federal tax payments digitally 24 hr a day, 7 days a week through the web or by phone. For more details, employers can register online at EFTPS.gov or call EFTPS Customer care at 800-555-4477 for a registration kind or to talk to a customer care representative.

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

Employers who think that an expense or notification gotten is a result of an issue with their payroll service company must call the IRS as soon as possible by calling the number on the costs, composing to the IRS office that sent the expense, calling 800-829-4933 or visiting a regional IRS workplace. To learn more about IRS notices, expenses and payment options, refer to Publication 594, The IRS Collection Process PDF.