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Outsourcing payroll duties can be a sound service practice, however ... Know your tax obligations as a company

Many employers contract out some or all their payroll and associated tax duties to third-party payroll company. Third-party payroll company can streamline service operations and assist fulfill filing due dates and deposit requirements. A few of the services they provide are:

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

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

- The employer is eventually responsible for the deposit and payment of federal tax liabilities. Although the company may forward the tax totals up to the to make the tax deposits, the company is the responsible party. If the third-party stops working to make the federal tax payments, then the IRS may examine charges and interest on the company's account. The company is accountable for all taxes, penalties and interest due. The company may likewise be held personally liable for specific unsettled federal taxes.
- If there are any issues with an account, then the IRS will send correspondence to the company at the address of record. The IRS strongly recommends that the employer does not change their address of record to that of the payroll service supplier as it may considerably restrict the employer's ability to be informed of tax matters involving their business.
- 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 must ensure their payroll providers are utilizing EFTPS, so the employers can verify that payments are being made on their behalf. Employers must sign up on the EFTPS system to get their own PIN and use this PIN to regularly confirm payments. A warning should increase the very first time a service company misses a payment or makes a late payment. When a company signs up on EFTPS they will have on-line access to their payment history for 16 months. In addition, EFTPS allows employers to make any additional tax payments that their third-party company is not making on their behalf such as estimated tax payments. There have been prosecutions of people and companies, who acting under the appearance of a payroll provider, have stolen funds meant for payment of work taxes.

EFTPS is a safe and secure, accurate, and simple to use service that supplies an immediate confirmation for each transaction. This service is offered totally free of charge from the U.S. Department of Treasury and permits companies to make and validate federal tax payments electronically 24 hr a day, 7 days a week through the web or by phone. To learn more, employers can enlist online at EFTPS.gov or call EFTPS Customer Service at 800-555-4477 for an enrollment form or to consult with a customer support representative.

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

Employers who think that a costs or notice received is an outcome of an issue with their payroll company need to call the IRS as soon as possible by calling the number on the expense, composing to the IRS workplace that sent out the costs, calling 800-829-4933 or checking out a local IRS office. For more information about IRS notices, bills and payment alternatives, refer to Publication 594, The IRS Collection Process PDF.