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

Many employers contract out some or all their payroll and associated tax duties to third-party payroll service companies. Third-party payroll provider can improve business operations and help meet filing deadlines and deposit requirements. Some of the services they provide are:

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

Employers who outsource some or all their payroll obligations need to consider the following:

- The employer is ultimately responsible for the deposit and payment of federal tax liabilities. Despite the fact that the employer might 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 charges and interest on the company's account. The employer is accountable for all taxes, charges and interest due. The company might also be held personally responsible for certain unsettled federal taxes.
- If there are any issues with an account, then the IRS will send out correspondence to the company at the address of record. The IRS highly suggests that the employer does not change their address of record to that of the payroll service provider as it may considerably restrict the company's ability to be notified of tax matters involving their company.
- Electronic Funds Transfer (EFT) need to be used to deposit all federal tax deposits. Generally, an EFT is used Electronic Federal Tax Payment System (EFTPS). Employers ought to ensure their payroll service providers are using EFTPS, so the employers 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 use this PIN to periodically verify payments. A warning needs to increase the first time a service provider misses out on 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 allows 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 been prosecutions of people and business, who acting under the appearance of a payroll provider, have actually stolen funds planned for payment of employment taxes.

EFTPS is a safe and secure, precise, and simple to use service that supplies an immediate verification for each deal. This service is provided free 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. For more details, companies can enlist online at EFTPS.gov or call EFTPS Customer support at 800-555-4477 for a registration type or to consult with a client service representative.

Remember, employers are ultimately responsible for the payment of earnings tax kept and of both the employer and staff member portions of social security and Medicare taxes.

who think that a costs or notification gotten is an outcome of an issue with their payroll service provider ought to call the IRS as quickly as possible by calling the number on the bill, writing to the IRS workplace that sent the expense, calling 800-829-4933 or going to a local IRS workplace. To learn more about IRS notifications, bills and payment choices, describe Publication 594, The IRS Collection Process PDF.