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Outsourcing payroll responsibilities can be a sound business practice, however ... Know your tax duties as an employer

Many companies out some or all their payroll and related tax duties to third-party payroll provider. Third-party payroll provider can simplify service operations and help satisfy filing due dates and deposit requirements. Some of the services they provide are:

- Administering payroll and work taxes on behalf of the company where the employer supplies 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 duties need to consider the following:

- The employer is eventually accountable for the deposit and payment of federal tax liabilities. Although the employer may forward the tax totals up to the third-party to make the tax deposits, the company is the accountable celebration. If the third-party fails to make the federal tax payments, then the IRS might assess penalties and interest on the employer's account. The company is accountable for all taxes, charges and interest due. The employer might likewise be held personally liable for particular unpaid federal taxes.
- If there are any issues with an account, then the IRS will send out correspondence to the employer 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 might considerably restrict the employer's capability to be notified of tax matters including their organization.
- Electronic Funds Transfer (EFT) must be utilized to deposit all federal tax deposits. Generally, an EFT is made using Electronic Federal Tax Payment System (EFTPS). Employers need to ensure their payroll providers are using EFTPS, so the companies can verify 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 validate payments. A red flag needs to increase the very first time a service company misses out on a payment or makes a late payment. When a company registers on EFTPS they will have online access to their payment history for 16 months. In addition, EFTPS allows employers to make any additional tax payments that their third-party supplier is not making on their behalf such as approximated tax payments. There have actually been prosecutions of individuals and business, who acting under the appearance of a payroll provider, have taken funds intended for payment of work taxes.

EFTPS is a safe, precise, and simple to use service that offers an instant confirmation for each transaction. This service is offered totally free of charge from the U.S. Department of Treasury and enables employers to make and validate federal tax payments digitally 24 hr a day, 7 days a week through the internet or by phone. To find out more, companies can enroll online at EFTPS.gov or call EFTPS Client service at 800-555-4477 for a registration form or to talk to a client service agent.

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

Employers who think that an expense or notification received is a result of an issue with their payroll service company must get in touch with the IRS as quickly as possible by calling the number on the bill, writing to the IRS workplace that sent the costs, calling 800-829-4933 or checking out a local IRS workplace. To find out more about IRS notifications, bills and payment options, refer to Publication 594, The IRS Collection Process PDF.