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

Many companies contract out some or all their payroll and related tax duties to third-party payroll service suppliers. Third-party payroll provider can simplify service operations and assist meet filing deadlines and deposit requirements. A few of the services they supply are:

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

Employers who contract out some or all their payroll obligations must consider the following:

- The employer is ultimately accountable for the deposit and payment of federal tax liabilities. Despite the fact that the employer may forward the tax amounts to the third-party to make the tax deposits, the employer is the responsible party. If the third-party stops working 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 might also be held personally liable for certain overdue federal taxes.
- If there are any concerns with an account, then the IRS will send correspondence to the company at the address of record. The IRS highly recommends that the company does not alter their address of record to that of the payroll service supplier as it may substantially restrict the employer's ability to be informed of tax matters including their organization.
- Electronic Funds Transfer (EFT) need to be used to deposit 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 need to register on the EFTPS system to get their own PIN and utilize this PIN to occasionally verify payments. A red flag needs to increase the first time a service company misses out on a payment or makes a late payment. When an employer signs up on EFTPS they will have on-line access to their payment history for 16 months. In addition, EFTPS enables companies to make any additional tax payments that their third-party provider is not making on their behalf such as estimated tax payments. There have actually been prosecutions of and business, who acting under the look of a payroll service company, have stolen funds intended for payment of work taxes.

EFTPS is a secure, accurate, and simple to utilize service that provides an instant confirmation for each deal. This service is offered free of charge from the U.S. Department of Treasury and enables employers to make and confirm federal tax payments digitally 24 hours a day, 7 days a week through the internet or by phone. For more details, employers can enroll online at EFTPS.gov or call EFTPS Customer support at 800-555-4477 for an enrollment form or to consult with a customer support agent.

Remember, employers are ultimately accountable for the payment of earnings tax kept and of both the employer and staff member parts of social security and Medicare taxes.

Employers who believe that a costs or notice gotten is a result of a problem with their payroll service provider need to contact the IRS as quickly as possible by calling the number on the expense, composing to the IRS office that sent the bill, calling 800-829-4933 or checking out a regional IRS office. For more details about IRS notifications, bills and payment alternatives, describe Publication 594, The IRS Collection Process PDF.