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

Many companies outsource some or all their payroll and associated tax duties to third-party payroll company. Third-party payroll service suppliers can improve business operations and help satisfy filing deadlines and deposit requirements. A few of the services they provide are:

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

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

- The company is ultimately responsible for the deposit and payment of federal tax liabilities. Even though the employer may forward the tax totals up to the third-party to make the tax deposits, the company is the accountable celebration. If the third-party stops working to make the federal tax payments, then the IRS may examine penalties and interest on the employer's account. The employer is liable for all taxes, penalties and interest due. The employer 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 company at the address of record. The IRS highly suggests that the company does not change their address of record to that of the payroll service provider as it might significantly restrict the employer's ability 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 used Electronic Federal Tax Payment System (EFTPS). Employers should guarantee their payroll service providers are utilizing EFTPS, so the companies can verify that payments are being made on their behalf. Employers ought to sign up on the EFTPS system to get their own PIN and utilize this PIN to periodically confirm payments. A warning must go up the very first time a company misses a payment or makes a late payment. When a company signs up on EFTPS they will have on-line access to their payment history for 16 months. In addition, companies to make any extra tax payments that their third-party service provider is not making on their behalf such as approximated tax payments. There have been prosecutions of people and companies, who acting under the appearance of a payroll service company, have taken funds intended for payment of employment taxes.

EFTPS is a safe, precise, and easy to utilize service that offers an immediate confirmation for each transaction. This service is offered complimentary of charge from the U.S. Department of Treasury and enables companies to make and verify federal tax payments digitally 24 hr a day, 7 days a week through the web or by phone. To learn more, employers can register online at EFTPS.gov or call EFTPS Customer Service at 800-555-4477 for an enrollment form or to talk with a customer service agent.

Remember, companies are eventually accountable for the payment of earnings tax withheld and of both the employer and employee parts of social security and Medicare taxes.

Employers who think that a costs or notice received is a result of a problem with their payroll service company should get in touch with the IRS as quickly as possible by calling the number on the expense, composing to the IRS office that sent the expense, calling 800-829-4933 or going to a regional IRS workplace. For additional information about IRS notices, costs and payment choices, refer to Publication 594, The IRS Collection Process PDF.