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

Many employers contract out some or all their payroll and related tax responsibilities to third-party payroll service . Third-party payroll company can enhance organization operations and assist satisfy filing deadlines and deposit requirements. Some of the services they provide are:

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

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

- The employer is eventually responsible for the deposit and payment of federal tax liabilities. Although the company might forward the tax amounts to the third-party to make the tax deposits, the employer is the accountable celebration. If the third-party fails to make the federal tax payments, then the IRS might evaluate penalties and interest on the employer's account. The company is accountable for all taxes, charges 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 correspondence to the company at the address of record. The IRS strongly suggests that the company does not alter their address of record to that of the payroll service company as it may substantially restrict the employer's capability to be informed of tax matters including 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 need to ensure their payroll companies are using EFTPS, so the companies can confirm that payments are being made on their behalf. Employers ought to register on the EFTPS system to get their own PIN and use this PIN to occasionally validate payments. A red flag must increase the very first time a provider misses 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 enables companies to make any additional tax payments that their third-party service provider is not making on their behalf such as approximated tax payments. There have actually been prosecutions of people and business, who acting under the look of a payroll service company, have stolen funds planned for payment of employment taxes.

EFTPS is a safe, precise, and easy to utilize service that supplies an instant verification for each deal. This service is provided complimentary of charge from the U.S. Department of Treasury and permits companies to make and confirm federal tax payments digitally 24 hr a day, 7 days a week through the web or by phone. To learn more, companies can enlist online at EFTPS.gov or call EFTPS Customer support at 800-555-4477 for a registration form or to talk with a consumer service agent.

Remember, employers are ultimately accountable for the payment of income tax withheld and of both the employer and worker portions of social security and Medicare taxes.

Employers who believe that an expense or notice gotten is a result of an issue with their payroll service supplier ought to contact the IRS as quickly as possible by calling the number on the expense, writing to the IRS office that sent the expense, calling 800-829-4933 or going to a regional IRS workplace. For more information about IRS notifications, costs and payment options, describe Publication 594, The IRS Collection Process PDF.