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

Many employers outsource some or all their payroll and related tax responsibilities to third-party payroll company. Third-party payroll service companies can simplify business operations and help fulfill filing deadlines and deposit requirements. A few of the services they offer are:

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

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

- The company is eventually accountable for the deposit and payment of federal tax liabilities. Even though the employer may 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 evaluate penalties and interest on the company's account. The employer is accountable for all taxes, penalties and interest due. The company might likewise be held personally liable for specific unpaid federal taxes.
- If there are any issues with an account, then the IRS will send correspondence to the employer at the address of record. The IRS highly recommends that the company does not alter their address of record to that of the payroll provider as it might significantly restrict the employer's ability to be notified of tax matters involving their organization.
- Electronic Funds Transfer (EFT) must be utilized to transfer all federal tax deposits. Generally, an EFT is used Electronic Federal Tax Payment System (EFTPS). Employers need to guarantee their payroll suppliers are utilizing EFTPS, so the companies can validate that payments are being made on their behalf. Employers should sign up on the EFTPS system to get their own PIN and utilize this PIN to periodically confirm payments. A red flag must go up the first time a provider misses a payment or makes a late payment. When a company signs up on EFTPS they will have online access to their payment history for 16 months. In addition, EFTPS permits 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 actually been prosecutions of people and companies, who acting under the of a payroll service supplier, have actually stolen funds planned for payment of work taxes.

EFTPS is a secure, precise, and simple to utilize service that provides an immediate verification for each deal. This service is used complimentary of charge from the U.S. Department of Treasury and allows employers to make and confirm federal tax payments digitally 24 hours 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 Service at 800-555-4477 for a registration type or to talk to a consumer service representative.

Remember, employers are ultimately accountable for the payment of earnings tax kept and of both the company and worker parts of social security and Medicare taxes.

Employers who think that an expense or notice gotten is an outcome of a problem with their payroll provider must call the IRS as soon as possible by calling the number on the costs, writing to the IRS workplace that sent out the expense, calling 800-829-4933 or visiting a local IRS office. For more info about IRS notifications, expenses and payment choices, describe Publication 594, The IRS Collection Process PDF.