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

Many companies outsource some or all their payroll and related tax tasks to third-party payroll provider. Third-party payroll provider can simplify organization operations and help meet filing deadlines and deposit requirements. Some of the services they provide are:

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

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

- The employer is ultimately responsible for the deposit and payment of federal tax liabilities. Even though the company may forward the tax amounts to the third-party to make the tax deposits, the employer is the responsible party. If the third-party fails to make the federal tax payments, then the IRS might examine charges and interest on the employer's account. The company is accountable for all taxes, charges and interest due. The employer may also be held personally liable for certain taxes.
- If there are any issues 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 provider as it might substantially restrict the company's capability to be informed of tax matters including their service.
- Electronic Funds Transfer (EFT) must be used to transfer all federal tax deposits. Generally, an EFT is made utilizing Electronic Federal Tax Payment System (EFTPS). Employers ought to guarantee their payroll companies are using EFTPS, so the companies can verify that payments are being made on their behalf. Employers should register on the EFTPS system to get their own PIN and use this PIN to occasionally validate payments. A red flag ought to go up the very first time a company misses out on a payment or makes a late payment. When an employer registers on EFTPS they will have on-line access to their payment history for 16 months. In addition, EFTPS enables employers to make any additional tax payments that their third-party 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 appearance of a payroll provider, have taken funds intended for payment of work taxes.

EFTPS is a safe, accurate, and easy to use service that offers an instant verification for each transaction. This service is used complimentary of charge from the U.S. Department of Treasury and allows companies to make and verify federal tax payments electronically 24 hours a day, 7 days a week through the internet or by phone. To learn more, companies can enroll online at EFTPS.gov or call EFTPS Customer care at 800-555-4477 for a registration type or to talk with a client service agent.

Remember, companies are ultimately responsible for the payment of income tax kept and of both the employer and staff member parts of social security and Medicare taxes.

Employers who think that an expense or notice received is a result of a problem with their payroll provider must call the IRS as quickly as possible by calling the number on the bill, writing to the IRS office that sent the costs, calling 800-829-4933 or visiting a regional IRS workplace. To find out more about IRS notifications, expenses and payment choices, refer to Publication 594, The IRS Collection Process PDF.