Avoid Payroll Tax Fines with Precise Payroll

In February 19, 2016
On News

Every person, business, and organization has its priorities–and this is even true of the IRS! One tax that is of special interest (even to that “dreaded” government agency responsible for carrying out tax laws) is the payroll tax. Businesses that fail to turn over the correct amount–no matter what the excuse–face especially harsh fines and regulations. Don’t believe it? According to Bloomberg Business, the IRS handed down 6.8 million different payroll penalties in the 2013 fiscal year alone–totaling an astounding 4.5 billion dollars. In today’s increasingly competitive marketplace, those numbers are enough to scare any numbers savvy business owner.

A Simple Solution

Thankfully, there are solutions to this worrisome problem. Though some business owners prefer to spend hours pouring over careful calculations only to hope for the best when it comes time for the taxman to take his due, the most straightforward solution is to simply outsource such operations to professional tax experts who can assume responsibility for the complex process of payroll management. Perhaps that’s the reason why payroll has been deemed one of the most commonly outsourced functions in business today.

Additional Concerns

Of course, even though payroll tax fines are shockingly common (and therefore tend to receive quite a bit of press) there are a number of other non-compliance related fines that businesses face which can be solved quite cost effectively through outsourcing. For example, there are a plethora of laws regarding the handling of hiring, firing, and employee relations that can cause enormous headaches for in-house human resource departments. Outsourcing HR can relieve such worries. The government is also especially concerned with injured workers, which prompts many businesses to outsource worker’s comp. Whatever administrative functions you may feel uncomfortable with in your own business, the odds are that Precise Payroll can help. Contact us today to learn more–we look forward to working with you!

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