Using a Payroll Service? Read this..
Many employers outsource their payroll and related tax duties to third-party payers such as payroll service providers (such as Appletree).
Reputable third-party payers can help employers streamline their business operations by collecting and timely depositing payroll taxes on the employerâ€™s behalf and filing required payroll tax returns with state and federal authorities.
Here are some things you should know:
1) Are payroll taxes impounded by your payroll service, meaning are the tax monies pulled from your bank account and put into the payroll service's bank account until due?
2) If you get a letter from the IRS about payroll taxes you believe you paid, you should contact the IRS YOURSELF; since this could indicate a much bigger problem.
3) Become familiar with the tax due dates that apply to employers of your size, try to keep track of these dates.
The key issue here is that you, the employer, are ultimately responsible for the payments even ifÂ the third party agent misappropriates the funds.
Are you certain about how your payroll taxes are being handled?
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Copyright 2014 by Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, a PASBA member accountant, located in Londonderry, New Hampshire, with more than twenty- five years experience on Federal and New Hampshire issues affecting small business, and specializes in keeping his clients OnTrack with bookkeeping, tax, and payroll services for a fixed monthly fee. Learn more about Steve's exclusive SIX Step system developed for small businesses at www.appletreebusiness.com/map.