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

Many employers contract out some or all their payroll and related tax tasks to third-party payroll company. Third-party payroll company can streamline organization operations and assist meet filing deadlines and deposit requirements. A few of the services they provide are:

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

Employers who outsource some or all their payroll duties should think about the following:

- The company is ultimately accountable for the deposit and payment of federal tax liabilities. Despite the fact that the employer may forward the tax totals up 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 might examine penalties and interest on the employer's account. The employer is accountable for all taxes, charges and interest due. The employer may also be held personally responsible for specific overdue federal taxes.
- If there are any problems with an account, then the IRS will send out correspondence to the employer at the address of record. The IRS strongly recommends that the employer does not alter their address of record to that of the payroll provider as it might substantially restrict the company's capability to be notified of tax matters including their service.
- Electronic Funds Transfer (EFT) should be utilized to deposit all federal tax deposits. Generally, an EFT is made using Electronic Federal Tax Payment System (EFTPS). Employers need to guarantee their payroll suppliers are using EFTPS, so the companies can confirm that payments are being made on their behalf. Employers ought to sign up on the EFTPS system to get their own PIN and utilize this PIN to periodically confirm payments. A red flag ought to increase the very first time a company misses a payment or makes a late payment. When a company registers on EFTPS they will have on-line access to their payment history for 16 months. In addition, EFTPS enables employers to make any extra tax payments that their third-party supplier is not making on their behalf such as approximated tax payments. There have been prosecutions of individuals and companies, who acting under the look of a payroll provider, have stolen funds planned for payment of employment taxes.

EFTPS is a safe and secure, accurate, and simple to use service that supplies an instant confirmation for each transaction. This service is provided free of charge from the U.S. Department of Treasury and allows employers to make and verify federal tax payments electronically 24 hr a day, 7 days a week through the internet or by phone. For more details, employers can register online at EFTPS.gov or call EFTPS Customer Service at 800-555-4477 for an enrollment type or to talk to a client service agent.

Remember, companies are eventually accountable for the payment of income tax withheld and of both the employer and worker parts of social security and Medicare taxes.

Employers who believe that an expense or notification gotten is an of an issue with their payroll provider should call the IRS as quickly as possible by calling the number on the expense, composing to the IRS office that sent the costs, calling 800-829-4933 or visiting a regional IRS workplace. For additional information about IRS notifications, bills and payment choices, describe Publication 594, The IRS Collection Process PDF.