Businesses of all sizes carry out payroll processing without understanding the true costs involved. Keeping payroll "in-house" may not be a cost-saving decision in reality.
When businesses consider outsourcing payroll one of the first questions asked is typically, "What's it going to cost us?"
Payroll tax filing and payroll obligations are processes with potential for mistakes and missed deadlines. And having independent contractors can complicate them further.
Today's workforce is becoming increasingly mobile. Working remotely can often mean working from other states, as well. While mobility can benefit employers, income tax reporting is a burden.
Every tax year seems to bring changes, small and large, that businesses must stay apprised of. Being proactive and informed is one of the best strategies for payroll tax filing compliance.
It pays to be well-prepared when it comes to payroll taxes. Some of the new changes businesses need to be aware of involve deadlines, tax credits, and W-2 forms. This is not a comprehensive list of changes and updates, however, and every HR professional should stay on top of this information by checking for the latest updates at IRS.gov.