11 Aug Is This Your Situation: Feeling Overwhelmed with Payroll Regulations
Your company is growing, and now you have an office full of employees and the questions that come along with that responsibility, such as figuring out each person’s tax liability based on their W-4 forms and calculating overtime for nonexempt staff. Did you know you can outsource this task to a third-party provider?
Consider the following advantages:
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- It frees up your time to do other things, like product development, sales and marketing.
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- You don’t have to become an expert. Managing payroll requires specialized knowledge and a lot of pitfalls can lead to regulatory nightmares.
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- You don’t have to depend on one employee. Even if you have a staff member who handles payroll, if that person suddenly leaves or is absent for an extended illness, you may find that it is nearly impossible to bring in someone immediately to take over. Meanwhile, problems could arise.
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- You could save money by outsourcing. Let’s say you and perhaps a staff member – both untrained in the nuances of payroll – incorrectly file paperwork. Before you know it, you could face penalties ranging from $500 to $1,000. The penalty costs will soon be higher than outsourcing would’ve been in the first place.
Some companies try to save money by handing over payroll to an outsourced administrative assistant, who may be organized but unfamiliar with payroll rules. You are still liable. Even if this assistant makes a mistake, in the eyes of the law, you are responsible as the employer. You need an outsourced provider that is familiar with the many payroll rules.
To find out more about IRS requirements, visit the payroll section on the IRS website. This information may convince you that this is one task you don’t want to take on by yourself. Give us a call today, and we’ll speak with you at no obligation about your particular situation and how qualified outsourced payroll solutions can help.
Original content by Payroll Partners Newsletter, Copyright © IndustryNewsletters All rights reserved. – August 5, 2020.
This information is provided with the understanding that Payroll Partners is not rendering legal, human resources, or other professional advice or service. Professional advice on specific issues should be sought from a lawyer, HR consultant or other professional.