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Outsourcing payroll duties can be a sound company practice, but ... Know your tax duties as a company

Many companies contract out some or all their payroll and associated tax duties to third-party payroll service providers. Third-party payroll service providers can streamline organization operations and assist satisfy filing deadlines and deposit requirements. A few of the services they provide are:

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

Employers who outsource some or all their payroll duties must consider the following:

- The employer is ultimately responsible for the deposit and payment of federal tax liabilities. Although the company might forward the tax totals up 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 might examine penalties and interest on the company's account. The employer is accountable for all taxes, charges and interest due. The employer might also be held personally liable for specific overdue federal taxes.
- If there are any issues with an account, then the IRS will send out correspondence to the employer at the address of record. The IRS highly suggests that the company does not alter their address of record to that of the payroll company as it might significantly limit the employer's capability to be informed of tax matters including their service.
- Electronic Funds Transfer (EFT) should be utilized to transfer all federal tax deposits. Generally, an EFT is made using Electronic Federal Tax Payment System (EFTPS). Employers must guarantee their payroll service providers are using EFTPS, so the companies can verify that payments are being made on their behalf. Employers ought to register on the EFTPS system to get their own PIN and use this PIN to regularly validate payments. A red flag must go up the first time a company misses out on a payment or makes a late payment. When an employer signs up on EFTPS they will have online access to their payment history for 16 months. In addition, EFTPS allows employers to make any additional tax payments that their third-party supplier 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 service provider, have actually stolen funds planned for payment of employment taxes.

EFTPS is a safe, accurate, and simple to use service that provides an immediate verification for each transaction. This service is used totally free of charge from the U.S. Department of Treasury and permits companies to make and verify federal tax payments electronically 24 hr a day, 7 days a week through the web or by phone. For more information, companies can enroll online at EFTPS.gov or call EFTPS Customer support at 800-555-4477 for a registration type or to talk to a customer support agent.

Remember, employers are responsible for the payment of income tax withheld and of both the employer and worker parts of social security and Medicare taxes.

Employers who think that a bill or notification gotten is a result of an issue with their payroll provider must call the IRS as quickly as possible by calling the number on the costs, writing to the IRS workplace that sent the costs, calling 800-829-4933 or going to a regional IRS workplace. For more details about IRS notices, bills and payment options, describe Publication 594, The IRS Collection Process PDF.