Many U.S. employees are buzzing about bigger paychecks after the recent tax overhaul that dominated the tail-end of 2017 media attention has kicked in. Treasury Secretary Steven Mnuchin announced that the new laws will benefit roughly 90 percent of U.S. employees with more take-home pay. While many employees are glad to find out that the bigger check is not a mistake, payroll services conducted improperly can lead to common mistakes. While paying employees for their earned wages may seem pretty simple, this just isn’t always the case. We have listed the most common mess ups here.
Reporting Employment Taxes Incorrectly
Payroll taxes need to be submitted to federal, state, and local tax authorities. They have to be filed one two different ways. According to the IRS, if they are not taken care of on time a 15 percent failure-to-deposit penalty can be the result. When you outsource payroll services to an expert you can be sure you won’t have to worry about figuring out employment taxes on your own.
Late Payroll Services
Staying on top of the payroll services schedule is vital. Paying your employees late can lead to disgruntled workers. If this happens more than once turnover rates can increase. This can happen when business owners become engrossed with daily operations and forget to process the payroll. Overlooking bank holidays can lead to late payroll processing as well.
Paying Wrong Amounts
A lot of calculations go into conducting payroll processes. This is especially true when personnel are not salary. Careful calculations of hours, wages, tax withholdings, and payment information are vital. There is no room for mistakes when you are dealing with the payment of your employees. For this reason, outsourcing payroll services can lead to less stress on your part. An expert that conducts this processes on a daily basis will have a firm grasp on accuracy.
Contact Us Today for Payroll Services
If you are tired of the stress of payroll trusting such an important process to professional services can be a wise decision. Employees confused over too much pay is a good problem to have. Especially when it isn’t in fact a mistake. However mistakes that lead to late or short pay can result in disgruntled employees and marred reputation. Contact Cliff, Ross, Raudenbush, & Cooper, LLC today. Our specialists are no stranger to the demands of accuracy and tax laws. Give us a call for more information.