09/20/2014
New post (Why Should I Use a Payroll Service?) has been published on Payroll Service Solutions®
From Business News Daily
One of the most important decisions you can make as a business owner is whether or not to outsource your payroll. Processing payroll can be complicated and overwhelming, especially for small businesses, and there are pros and cons to doing it yourself.
While managing your own payroll may save you money in the short term, it could cost you in the long run if you make a mistake and end up owing the IRS back payments and penalties.
“Failure to properly comply with filing, reporting and paying requirements may result in large penalties and interest owed to the IRS and state taxing authorities,” said Michael Raanan, president of Landmark Tax Group and a former IRS revenue officer. Raanan added that the biggest payroll-related mistake a business owner can make is not properly sending payments to the IRS.
To successfully process payroll yourself, you must yo ...