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

Many companies contract out some or all their payroll and associated tax responsibilities to third-party companies. Third-party payroll service suppliers can streamline service operations and help meet filing deadlines and deposit requirements. A few of the services they supply are:

- Administering payroll and employment taxes on behalf of the company where the employer provides the funds initially to the third-party.
- Reporting, gathering and depositing employment taxes with state and federal authorities.

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

- The company is eventually accountable for the deposit and payment of federal tax liabilities. Even though the company may forward the tax totals up to the third-party to make the tax deposits, the company is the responsible celebration. If the third-party fails to make the federal tax payments, then the IRS might evaluate charges and interest on the company's account. The employer is liable for all taxes, charges and interest due. The company may also be held personally accountable for specific unpaid 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 recommends that the employer does not alter their address of record to that of the payroll provider as it might substantially limit the employer's capability to be notified of tax matters including their organization.
- Electronic Funds Transfer (EFT) need to be used to transfer all federal tax deposits. Generally, an EFT is used Electronic Federal Tax Payment System (EFTPS). Employers need to ensure their payroll providers are using EFTPS, so the employers can validate that payments are being made on their behalf. Employers should sign up on the EFTPS system to get their own PIN and use this PIN to occasionally confirm payments. A red flag should increase the very first time a provider misses out on a payment or makes a late payment. When an employer registers on EFTPS they will have online access to their payment history for 16 months. In addition, EFTPS allows companies to make any additional tax payments that their third-party service provider is not making on their behalf such as approximated tax payments. There have actually been prosecutions of individuals and business, who acting under the look of a payroll service company, have actually stolen funds planned 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 used totally free of charge from the U.S. Department of Treasury and permits employers to make and verify federal tax payments digitally 24 hours a day, 7 days a week through the web or by phone. For more details, employers can enlist online at EFTPS.gov or call EFTPS Client service at 800-555-4477 for a registration form or to talk to a customer service agent.

Remember, employers are ultimately 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 an expense or notice gotten is a result of a problem with their payroll provider need to call the IRS as quickly as possible by calling the number on the bill, composing to the IRS office that sent out the bill, calling 800-829-4933 or going to a local IRS workplace. For more info about IRS notices, expenses and payment choices, refer to Publication 594, The IRS Collection Process PDF.