Payroll tax filing requirements are complex and ever-changing. If not filed properly, they could result in costly penalties. Outsourcing payroll tax management to a company like GMS can help.
What Are My Payroll Tax Risks?
As a small business owner, you are responsible for calculating and filing federal, state, and local payroll taxes each pay period, in addition to managing your own set of tax forms. That’s a lot of responsibility, especially if you’re not well-versed in the ever-changing regulations and complexities of business tax management. There are two main risks associated with small business taxes and management:
- Financial: As a small business owner, it can be challenging meeting payroll tax deadlines and filing taxes properly, and failure to comply can result in hefty penalty fees. It is estimated that 40% of small businesses pay tax fines of more than $800 each year. Even scarier is the fact that you may be personally liable for payroll tax penalties.
- Time: You spend a lot of time cutting checks, filling out forms, keeping up with regulations, and staying on top of tax deadlines. In other words, you spend a lot of time focusing on something that doesn’t grow your business.
If you aren’t confident that you’re protecting yourself from these risks, or don’t know where to begin, partnering with a professional employer organization (PEO) like GMS can help manage payroll for your small business.
Payroll Tax Management Services
Even if you already have an accountant, outsourcing payroll tax management to a PEO like GMS offers many advantages. When you partner with us, we’ll take on the burden of payroll tax management, allowing you to put the focus back on growing your business. Specifically, we will:
- Reduce tax liabilities and penalties
- Manage tax records
- Issue and make payment on Forms 940 and 941, SUTA, and FUTA
- Issue W-2s and W-3s
- File state and federal taxes
Contact us today or visit our FAQ page to learn more about our tax management services.