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Outsourcing payroll tasks can be a sound business practice, however ... Know your tax duties as an employer

Many employers outsource some or all their payroll and related tax tasks to third-party payroll service providers. Third-party payroll service suppliers can streamline organization operations and assist fulfill filing deadlines and deposit requirements. A few of the services they supply are:

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

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

- The company is ultimately responsible for the deposit and payment of federal tax liabilities. Although the employer might forward the tax amounts to the third-party to make the tax deposits, the company is the accountable party. If the third-party fails to make the federal tax payments, then the IRS might examine charges and interest on the employer's account. The company is accountable for all taxes, charges and interest due. The employer might also be held personally liable for specific unpaid federal taxes.
- If there are any issues with an account, then the IRS will send out correspondence to the company at the address of record. The IRS strongly suggests that the company does not change their address of record to that of the payroll provider as it might significantly restrict the company's ability to be notified of tax matters including their business.
- Electronic Funds Transfer (EFT) should be used to transfer all federal tax deposits. Generally, an EFT is made utilizing Electronic Federal Tax Payment System (EFTPS). Employers ought to ensure their payroll companies are using EFTPS, so the companies can confirm that payments are being made on their behalf. Employers need to sign up on the EFTPS system to get their own PIN and utilize this PIN to regularly confirm payments. A red flag ought to increase the very first time a service provider 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 enables companies to make any extra tax payments that their third-party provider is not making on their behalf such as estimated tax payments. There have actually been prosecutions of people and business, who acting under the look of a payroll provider, have stolen funds meant for payment of work taxes.

EFTPS is a protected, precise, and simple to use service that supplies an instant verification for each transaction. This service is used totally free of charge from the U.S. Department of Treasury and enables employers 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, companies can enlist online at EFTPS.gov or call EFTPS Client service at 800-555-4477 for a registration form or to talk with a client service representative.

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

Employers who believe that an expense or notification gotten is an outcome of an issue with their payroll provider should call 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 checking out a local IRS office. To learn more about IRS notices, expenses and payment choices, refer to Publication 594, The IRS Collection Process PDF.