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Outsourcing payroll responsibilities can be a sound company practice, however ... Know your tax duties as an employer

Many companies contract out some or all their payroll and related tax duties to third-party payroll service companies. Third-party payroll provider can simplify organization operations and help meet filing due dates and deposit requirements. Some of the services they offer 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 transferring work taxes with state and federal authorities.

Employers who contract out some or all their payroll duties need to think about the following:

- The employer is eventually accountable 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 fails to make the federal tax payments, then the IRS might evaluate charges and interest on the employer's account. The employer is liable for all taxes, charges and interest due. The company might likewise be held personally liable for specific overdue federal taxes.
- If there are any concerns with an account, then the IRS will send out correspondence to the company at the address of record. The IRS highly recommends that the company does not change their address of record to that of the payroll company as it might substantially restrict the employer's capability to be informed of tax matters including their business.
- Electronic Funds Transfer (EFT) should 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 suppliers are using EFTPS, so the companies can confirm that payments are being made on their behalf. Employers should register on the EFTPS system to get their own PIN and use this PIN to periodically validate payments. A red flag needs to 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 online access to their payment history for 16 months. In addition, EFTPS allows employers to make any additional tax payments that their third-party company is not making on their behalf such as approximated tax payments. There have been prosecutions of individuals and companies, who acting under the appearance of a payroll company, have actually taken funds planned for payment of employment taxes.

EFTPS is a safe and secure, precise, and simple to use service that offers an immediate confirmation for each transaction. This service is offered totally free of charge from the U.S. Department of Treasury and enables employers to make and verify federal tax payments electronically 24 hr a day, 7 days a week through the web or by phone. For more details, companies can enroll online at EFTPS.gov or call EFTPS Customer support at 800-555-4477 for a registration form or to consult with a customer support representative.

Remember, employers are eventually accountable for the payment of earnings tax withheld and of both the company and staff member portions of social security and Medicare taxes.

Employers who think that a bill or notice gotten is an outcome of a problem with their payroll provider need to the IRS as soon as possible by calling the number on the bill, composing to the IRS office that sent the bill, calling 800-829-4933 or checking out a local IRS workplace. To find out more about IRS notifications, costs and payment options, refer to Publication 594, The IRS Collection Process PDF.