Payroll, Here Are Your Articles for Wednesday, August 05, 2020
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Is This Your Situation: Feeling Overwhelmed with Payroll Regulations

 

Your company is growing, and now you have an office full of employees and the questions that come along with that responsibility, such as figuring out each person's tax liability based on their W-4 forms and calculating overtime for nonexempt staff. Did you know you can outsource this task to a third-party provider?

Consider the following advantages:

  • It frees up your time to do other things, like product development, sales and marketing.
  • You don't have to become an expert. Managing payroll requires specialized knowledge and a lot of pitfalls can lead to regulatory nightmares.
  • You don't have to depend on one employee. Even if you have a staff member who handles payroll, if that person suddenly leaves or is absent for an extended illness, you may find that it is nearly impossible to bring in someone immediately to take over. Meanwhile, problems could arise.
  • You could save money by outsourcing. Let's say you and perhaps a staff member — both untrained in the nuances of payroll — incorrectly file paperwork. Before you know it, you could face penalties ranging from $500 to $1,000. The penalty costs will soon be higher than outsourcing would've been in the first place.

Some companies try to save money by handing over payroll to an outsourced administrative assistant, who may be organized but unfamiliar with payroll rules. You are still liable. Even if this assistant makes a mistake, in the eyes of the law, you are responsible as the employer. You need an outsourced provider that is familiar with the many payroll rules.

To find out more about IRS requirements, visit the payroll section on the IRS website. This information may convince you that this is one task you don't want to take on by yourself. Give us a call today, and we'll speak with you at no obligation about your particular situation and how qualified outsourced payroll solutions can help.

 
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Payroll Partners
Payroll Partners
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robert@payrollpartners.com
3001 Medlin Drive Suite 125
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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