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

Many employers contract out some or all their payroll and associated tax tasks to third-party payroll service companies. Third-party payroll company can enhance service operations and help fulfill filing deadlines and deposit requirements. Some of the services they provide are:

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

Employers who out some or all their payroll obligations should consider the following:

- The employer is ultimately accountable for the deposit and payment of federal tax liabilities. Despite the fact that the employer might forward the tax totals up to the third-party to make the tax deposits, the company is the responsible celebration. If the third-party stops working to make the federal tax payments, then the IRS may evaluate charges and interest on the employer's account. The employer is responsible for all taxes, penalties and interest due. The company may also be held personally accountable for certain unpaid 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 suggests that the company does not alter their address of record to that of the payroll service provider as it may substantially restrict the employer's capability to be informed of tax matters involving their service.
- 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 utilizing EFTPS, so the companies can validate 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 periodically verify payments. A warning needs to increase the very first time a provider misses out on a payment or makes a late payment. When an employer registers on EFTPS they will have on-line access to their payment history for 16 months. In addition, EFTPS allows employers to make any additional tax payments that their third-party supplier 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 actually taken funds planned for payment of work taxes.

EFTPS is a safe and secure, accurate, and easy to use service that supplies an instant verification for each transaction. This service is used complimentary of charge from the U.S. Department of Treasury and enables companies to make and confirm federal tax payments digitally 24 hours a day, 7 days a week through the web or by phone. For more information, companies can enlist online at EFTPS.gov or call EFTPS Customer Service at 800-555-4477 for a registration kind or to talk to a customer support representative.

Remember, employers are eventually responsible for the payment of income tax withheld and of both the company and employee parts of social security and Medicare taxes.

Employers who think that a costs or notification gotten is a result of an issue with their payroll service company need to get in touch with the IRS as soon as possible by calling the number on the expense, writing to the IRS workplace that sent the bill, calling 800-829-4933 or checking out a regional IRS workplace. For more details about IRS notices, costs and payment alternatives, refer to Publication 594, The IRS Collection Process PDF.