Over the years, thousands of businesses have been charged with civil penalty for business income taxes and issues with employment taxes. Ignoring the problem will only create more problems in the future. Instead of doing that, it is recommended that you seek assistance and consultation from various companies offering payroll services to customers. If you are a resident of Santa Rosa, you can search for payroll services online to gather information and contact details of the same. A professional tax organization and payroll company has professionals in the team who have deep knowledge on commercial and taxation matters and can help you with issues related to payroll tax penalties.
Having Tax Liability is Not a Simple Thing
Every businessperson is not fluent in understanding payroll knowledge and this is one of the main reasons for owing money to the IRS. What happens as a result of this is incurring payroll tax penalties. Finding a remedy for this problem is anything but easy. There are specific guidelines which are laid out by the IRS and have to be followed. The costs of fines and penalties are quite high.
Some Steps Which Help Protect the Business Against Payroll Tax Penalties
It is quite clear that having tax liability is a thing which will cost you time and money. Mentioned below are some steps which will help keep your business safe from payroll tax penalties:
- Keep an Eye on Budget Accounts for Tax Payment– It is very important to keep a strict eye on the budget of the business. All businesses must ensure that they have enough budget so that they can pay applicable taxes along with paying all other important bills.
- Monitor Compliance Completely – One of the culprits that lead businesses to tax problems is making assumptions. It is very important that you remain aware of the various obligations that you may have. You can either handle the matter on your own or avail the help of a payroll tax service provider. Make sure that you review all aspects of your payroll processes. It is essential to review all aspects of the payroll process to make sure that taxes aren’t accrued and returns aren’t unfiled. Remaining in contact with the IRS is also important and their transcripts should be reviewed frequently to know if there are any changes taking place.
- Reading Mails From IRS – IRS sends notices to people via the U.S. mail. All kinds of notices and messages are conveyed via the mail – it can be regarding tax change, regarding a returned payment, etc. Review mail from the IRS frequently so that you can handle the potential tax problems and find solutions to them.
- Professional Payroll Provider Can Help – Maintaining payroll in-house cannot always solve problems of tax issues. It is recommended to seek the assistance of a professional payroll company so that your business remains compliant with taxation aspects.
If you are looking for a reputable company to outsource your payroll to, look no further than Virtual Jeannie Bookkeeping Services Inc. – one of the best Santa Rosa payroll services. We have been helping businesses stay on the right side of the IRS for years! Call us today at (707) 664-1425 to speak to a payroll expert.