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4 Reasons To Work With A Payroll Service

When running a small business, you have a lot of tasks to handle. One important task you want to ensure is done right is payroll. Accurate payroll helps you stay out of trouble with the IRS and helps to keep your employees happy. A payroll service can help you with this important task.

Avoid Tax Penalties

The IRS issues billions of penalties each year on business income and employment taxes. These fines can come into play for various reasons, such as underpaying taxes or making a late tax payment. Fees and fines can really eat into your business income and profits, especially as a small business. A payroll service can help ensure that you make your payments in full and on time and help you avoid having to pay the IRS more in taxes and fines.

Remain Compliant

As a business, you have to follow all codes, standards, regulations, and laws at the federal, state, and local levels regarding how you treat your employees. That means having written policies in place for various things, such as paid time off, discipline, and drugs and alcohol. You need to have a wide range of written policies in place to remain compliant.

Many payroll services will help you with these compliance issues. They will help you write the policies and will help you create a clear employee handbook. They will also ensure that you are compliant with all tax withholdings as well.

Follow Payroll Rules

Third, a payroll service will ensure that you are on top of payroll withholding rules and coverage rules. These rules can change yearly, and a payroll service will ensure that you keep up with any rule changes. They will help ensure that you keep up with the rules. For example, if you offer a retirement benefit, you have to deposit the money into the 401(k) plan within a set number of days of making payroll to avoid an audit. A payroll service will ensure that the money is deposited within that time frame.

Consistent Support

With a payroll service, you don't have to worry about them finding a better job or getting sick and not coming into work. You are working with an entire company, and they will continue to provide you with consistent service throughout your contract. Being able to maintain the same payroll support can help ensure that you have the continuity and support you need.

A payroll service will ensure your employees are paid on time and will help you remain compliant with a wide range of employment rules. They will ensure your money is handled correctly and will work to help you avoid fines from the IRS.

For more information, contact a payroll service such as Franklin Pierce Northwest (FPNW).