Outsourcing payroll services offer multiple benefits to businesses, including cost reduction, time-saving, faster payroll management, and much more. However, out of all the benefits of outsourcing payroll services, penalties avoidance due to statutory compliance is the most lucrative one.
According to the IRS, the average penalty for delayed or inaccurate payroll management is approximately $935. Moreover, the concerned authorities don’t take such mistakes lightly, regardless of whether they were intentional or unintentional. Payroll must be drafted and processed according to the local and state laws pertaining to the country’s taxation, labor, and employment laws. Otherwise, you could face hefty penalties. Keep reading to learn how outsourcing payroll services to reputable CPA firms like Nidhi Jain CPA can help stay compliant.
Outsourcing CPA Firms Have Deep Legal Knowledge
Payroll preparation and management rules and regulations differ from state to state. Governing authorities make frequent amendments to develop the laws, making it difficult for business owners to stay updated while running the business. Experts at our outsourcing firms have the industry know-how and stay updated with the international and local payroll compliance laws and news, allowing them to handle payroll processing for firms across the United States
Outsourcing CPA Firms Can Help Evade Criminal Penalties
Failure to pay the payroll taxes on time or trying to avoid them through misleading activities is categorized under the criminal act of IRS. It might lead to jail time, causing you to lose potential clients, along with your business’s reputation. Professionals at Nidhi Jain CPA can help you manage the payroll accounts, ensuring you always remain compliant with tax laws. Our experts revise the payroll accounts periodically to ensure you don’t face any legal troubles on our watch.
Outsourcing CPA Firms Help Manage Payroll Accounts
Typically, businesses have multiple contractors, vendors, and freelancers attached to them, with each one requiring different payroll compliance. You may have hired one on a per-hour basis while the other on a per-project basis. The payroll accounts must be prepared based on the employment terms. Outsourcing payroll services providers keep you out of trouble, as they’re well-versed in different styles of preparing payroll accounts effectively.
Outsourcing CPA Firms Help Calculate the Right Exemptions
Companies often make mistakes in exempt and non-exempt employee recording, leading to errors in payroll accounts. Outsourcing payroll services allow access to highly qualified and competent payroll managers who can easily identify errors without hiring in-house professionals and increasing the overall operational costs.
Eventually, onboarding a reputable CPA firm helps build an excellent business reputation while avoiding penalties by remaining compliant. Connect with experienced professionals at Nidhi Jain CPA to streamline payroll services by top-notch payroll managers who will improve efficiency and authenticity in your payroll while helping you avoid numerous penalties.
Clients across the Bay Area trust us for a wide range of services including, payroll services, personal and business accounting and bookkeeping, tax consultation, and business tax filing in bay area.
You can also call or email us to learn more about our cloud-based solutions and tax resolution services offered by highly qualified professionals at cost-effective rates.