1. Payroll Tax Calculation and Withholding:
- Accurately calculate employee and employer payroll taxes, including federal, state, and local taxes.
- Withhold the appropriate amounts for Social Security, Medicare (FICA), and unemployment taxes.
- Ensure compliance with tax rates and contribution limits.
2. Payroll Tax Filing and Reporting:
- Prepare and file all necessary payroll tax forms (e.g., Form 941, 940, W-2, W-3) with the IRS and state agencies.
- Submit quarterly and annual payroll tax reports on time.
- Handle electronic tax payments for federal, state, and local authorities.
3. Employer Tax Compliance:
- Ensure compliance with payroll tax laws, including worker classification (employee vs. contractor).
- Track changes in tax regulations and adjust payroll processes accordingly.
- Provide guidance on payroll tax audits and resolve discrepancies with tax authorities.
4. Payroll Tax Audits and Representation:
- Assist businesses with IRS or state payroll tax audits, providing documentation and representation.
- Correct payroll tax errors and resolve discrepancies related to over- or underpayments.
- Offer support in negotiating payment plans or settlements for outstanding payroll tax liabilities.
5. Year-End Payroll Tax Services:
- Prepare and distribute W-2s, 1099s, and other year-end tax forms to employees and contractors.
- Ensure year-end payroll tax reports are accurate and filed on time.
- Assist in reconciling payroll taxes and resolving any year-end discrepancies or adjustments.