When it comes to selecting a payroll service provider (PSP), the IRS urges employers to choose wisely
Although most third-party payroll services are doing a good job helping small businesses meet their deadlines and payroll obligations, appropriate steps must be taken to ensure that the service provider is trustworthy and reliable. This can protect the business from falling victim to a disreputable or incompetent organization. If a PSP fails to follow the law or deposit employment taxes, the business is left to face negative consequences, such as unpaid bills.
If you outsource payroll services to your accountant or other third party, make sure that the following steps have been taken:
⚪ Obtain a pin number and create an EFTPS.gov account. This will allow you to monitor your company’s payment history via its EIN number and ensure that all deposits are submitted on time.
⚪ Similarly, request the login information for your state tax department online account to monitor payment history.
⚪ After each quarter, request the following payroll filing forms for your records: 941 for IRS, and NYS-45 (if you are in NY).
⚪ Request Payroll Summary reports for each quarter.
This information will also be needed by your new payroll provider if for any reason you no longer trust your current payroll provider.
Don’t forget that as an employer you are responsible for the required payroll and withholding deposits regardless of whether you decide to delegate this task to a third party.
The term Romance Scam refers to a tactic in which a criminal uses a false online identity to gain their victims' trust and affection.Read more
Make some updates to your W-4 Form information. If you prefer paying most of your taxes gradually throughout the year, this is the time to revise your W-4 FormRead more