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

Many employers outsource some or all their payroll and related tax duties to third-party payroll service suppliers. Third-party payroll company can enhance organization operations and help satisfy 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 provides the funds at first to the third-party.
- Reporting, collecting and depositing work taxes with state and federal authorities.

Employers who outsource some or all their payroll duties need to think about the following:

- The company is eventually responsible for the deposit and payment of federal tax liabilities. Despite the fact that the employer may forward the tax amounts to the third-party to make the tax deposits, the employer is the accountable party. If the third-party stops working to make the federal tax payments, then the IRS may examine penalties and interest on the employer's account. The employer is responsible for all taxes, penalties and interest due. The company might also be held personally responsible for certain unsettled federal taxes.
- If there are any concerns with an account, then the IRS will send out 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 company as it might considerably restrict the employer's ability to be notified of including their service.
- Electronic Funds Transfer (EFT) should be utilized to transfer all federal tax deposits. Generally, an EFT is made utilizing Electronic Federal Tax Payment System (EFTPS). Employers ought to guarantee their payroll suppliers are utilizing EFTPS, so the employers can verify that payments are being made on their behalf. Employers ought to register on the EFTPS system to get their own PIN and utilize this PIN to occasionally verify payments. A red flag should increase the first time a company misses 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 extra tax payments that their third-party provider is not making on their behalf such as approximated tax payments. There have been prosecutions of people and business, who acting under the look of a payroll provider, have actually stolen funds meant for payment of work taxes.

EFTPS is a secure, accurate, and easy to utilize service that provides an instant confirmation for each transaction. This service is provided free of charge from the U.S. Department of Treasury and allows companies to make and verify federal tax payments digitally 24 hr a day, 7 days a week through the internet or by phone. To learn more, employers can enroll online at EFTPS.gov or call EFTPS Customer support at 800-555-4477 for an enrollment type or to speak to a consumer service agent.

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

Employers who believe that a costs or notice gotten is a result of an issue with their payroll provider must contact the IRS as quickly as possible by calling the number on the bill, composing to the IRS workplace that sent out the expense, calling 800-829-4933 or visiting a regional IRS workplace. For additional information about IRS notifications, bills and payment options, describe Publication 594, The IRS Collection Process PDF.