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

Many employers contract out some or all their payroll and related tax tasks to third-party payroll company. Third-party payroll service suppliers can improve organization operations and assist fulfill 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, collecting and taxes with state and federal authorities.

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

- The company is ultimately responsible for the deposit and payment of federal tax liabilities. Although the employer may forward the tax amounts to the third-party to make the tax deposits, the employer is the responsible celebration. If the third-party stops working to make the federal tax payments, then the IRS may evaluate penalties and interest on the employer's account. The employer is accountable for all taxes, charges and interest due. The company may likewise be held personally liable for certain overdue federal taxes.
- If there are any concerns with an account, then the IRS will send correspondence to the employer at the address of record. The IRS highly suggests that the company does not change their address of record to that of the payroll service company as it may substantially limit the company's capability to be notified of tax matters including their service.
- Electronic Funds Transfer (EFT) must be used to transfer all federal tax deposits. Generally, an EFT is made using Electronic Federal Tax Payment System (EFTPS). Employers should guarantee their payroll companies are using EFTPS, so the companies can verify that payments are being made on their behalf. Employers need to sign up on the EFTPS system to get their own PIN and use this PIN to periodically confirm payments. A red flag needs to increase the very first time a provider 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 companies 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 business, who acting under the appearance of a payroll service provider, have taken funds intended for payment of work taxes.

EFTPS is a safe, precise, and easy to utilize service that provides an instant verification for each deal. This service is provided totally free of charge from the U.S. Department of Treasury and enables companies to make and confirm federal tax payments electronically 24 hr a day, 7 days a week through the internet or by phone. To learn more, employers can enlist online at EFTPS.gov or call EFTPS Customer support at 800-555-4477 for a registration form or to talk with a customer support agent.

Remember, companies are eventually accountable for the payment of earnings tax kept and of both the employer and staff member portions of social security and Medicare taxes.

Employers who believe that a costs or notification received is an outcome of an issue with their payroll service provider need to contact the IRS as quickly as possible by calling the number on the bill, writing to the IRS workplace that sent out the costs, calling 800-829-4933 or checking out a regional IRS workplace. For more details about IRS notifications, costs and payment options, refer to Publication 594, The IRS Collection Process PDF.