When it comes to payroll services and laws, the IRS has made this function a time consuming nightmare for small business owners. According to Marshall Jones in the June 10, 2013 article Should You Keep Your Payroll In-House or Outsource It?, payroll is one of the biggest expenses small-to-medium size businesses have. It can also be one of their biggest headaches if it is not done properly. Whoever is doing your payroll must have an understanding of the relevant tax laws and regulations. These laws and regulations vary from state-to-state. It can be an administrative headache and mistakes can cost the company penalties and interest as well as visits from the Internal Revenue Service or your state’s Department of Revenue.
Payroll is more than just cutting checks to the employees. Tasks that typically belong to processing payrolls include 401(k) and Section 125 payments, garnishments, and other employee benefits, calculating shift differentials, holiday time, sick time, bonuses, and vacation times. Employers are responsible for withholding federal and state income taxes from each employee’s paycheck. Some of these withholdings are based on the submission of required forms for determining the amount to be withheld. Tax payments and requisite documentation must be submitted according to strict deadlines to avoid fines and penalties. For example, the IRS Form 941 must be filed four times per year to report the taxes withheld during that quarter. The IRS matches the deposits made during that quarter to the documentation filed at the end of the quarter. Each state that the company operates in also requires withholdings and documentation filings, which vary according to the type of payroll tax.
If your company has not had any experience with payroll and required taxes, you should be seeking the services of a professional–let us recommend our services. You can transmit payroll information via fax, internet, or telephone. We will compile your information, process your payroll through direct deposit into the employee’s banking accounts, provide you with management reports, and the employees will receive their paycheck stubs via e-mail. We deposit your payroll taxes with the taxing agencies, file all required documentation (monthly, quarterly, or annually) with governmental agencies, and produce yearend documentation such as W2s for your employees and Misc 1099s for your subcontractors.
In addition to the payroll processing, we help you when it comes to replying to your Workman Compensation audits. Often we have the auditors come to our office to perform any audits that may be required. We gather all the necessary documents from our records and work with you concerning the subcontractor’s information that you would have in your files.
Our goal is to provide your company with premier personalized customer service for all your payroll needs, changes, or questions.