Should Your Payroll Processing Be Outsourced?

It seems that history has proven that small businesses always seem to present problems. Payroll penalties and interest penalties are often placed upon small businesses. Did you know that according to industry estimates small businesses and mid sized businesses pay almost 70% of payroll related penalties? Per year 40% of small businesses pay an average of $835 annually in penalties for late or incorrect filing. So it is safe to say that when it comes to payroll, taxes appear to be the biggest culprit when it comes to being assessed IRS penalties.

Employers that don't file a timely form 941 are subject to stiff IRS payroll penalties. If an employer does not deposit their withholding and payroll taxes timely they can also expect to pay some serious penalties. There are a great many reasons that a small business can be assessed penalties. As an employer if you write out a check to an employee and simply forget to record it you can later be assessed penalties. You can also be assessed penalties if you don't properly classify independent contractors. This is a common error.

How do you keep up with all of the laws and regulations? Would it be advisable to try and seek outside assistance? Wouldn't this reduce the risk of being assessed IRS penalties? Many small to mid sized businesses are afraid of outsourcing their payroll because traditionally it has always been rather costly. Can small business owners do anything to avoid these pitfalls?

Well there are a number of companies that provide payroll processing services. From ready to sign checks to tax returns. These types of companies specialize in processing payroll and can at times mean the difference of paying severe penalties or staying within the law and paying and filing taxes on time. Would it be hard to find these types of companies? Where do you find payroll services that are affordable, reputable and professional? It's really hard to choose the right company? Should you choose a web-based payroll processing service company? Is outsourcing right for you?

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