Statistics show that about 30% to 40% small and midsized businesses pay penalty of $850 annually to the IRS due to wrong filing of their payroll taxes. Calculating payroll process is a lengthy and time-consuming practice, and amateur mistakes can be made quite easily. These mistakes can however be controlled if you let the professionals take care of your payroll processing. Since professionals are aware of frequent tax laws changes and take complete liability for correctly filing payroll taxes, you are saved from all such penalty threats.
Payroll processing requires absolute accuracy as any single error can end you up in financial and legal consequences. Two great challenges businesses face regarding their payroll processing is:
* Deadlines and deposit requirements are met while filing the payroll taxes
* Understanding the ever-changing payroll laws
With IRS policies on a constant change, hiring a qualified accounting firm to deal with your payroll functions can help you keep up with the changing laws. Moreover, the payroll requirements are also handled directly by the payroll provider, which can play a viable role in decreasing your legal penalties and risks involved.
Holding stead fast to the latest tax obligations and staying updated on changing legislation can be a tough process. This practice becomes more demanding for businesses having employees in different areas, as payroll laws differ from one state to the next. Therefore, it is always profitable to hire a firm having expertise in the various US payroll laws to avoid tax and payroll errors.
Avicenna Accounting & Tax Services Inc. has a complete resource for payroll information and payroll processing. We have complete knowledge of IRS laws and state payroll information along with simple answers to your common payroll questions. Our payroll processing services includes check generation, tax filings, and accounts details conforming to government regulations.