Category: Workplace Policy

Payroll Tax Problems

by

Ian Jackson

Payroll tax debt, often known as withholding tax liability, is probably the most troublesome business tax issue for company owners and corporate officers. This is a debt that does not disappear, even when a Corporation or a Partnership is closed, because a portion of it can be assessed against the person responsible for filing and paying taxes on behalf of the business.

If a business has W2 employees, the law requires the employer to withhold federal income tax, social security and Medicare from the employee’s paychecks every time wages are paid. These withholdings should be remitted to the taxing authorities. If the business fails to do so, the IRS can file a lien against it, and begin pursuit of repayment. A payroll tax liability consists of the amount withheld from employee’s paychecks that have not been remitted to the Internal Revenue Service, the employer matching portion, interest, and penalties. The IRS can use various methods to collect the outstanding payroll taxes. This includes bank levies, levies on Accounts Receivable, seizure of business equipment and property, and so on. In addition, the IRS can personally assess up to three people responsible for filing and depositing taxes on behalf of the business with the Trust Fund portion of the total payroll tax liability. Although the Trust Fund portion does not include the employee matching portion, penalties and interest, it is still about 60 percent of the total withholding tax liability that can be collected from individuals, even if all attempts to collect delinquent taxes from the business fail. In order to avoid payroll tax problems, the business has to be current and compliant with all filing and deposit requirements. This means that all withholding tax returns have to be filed on time, and deposits should be made on time. The IRS now requires that all federal tax deposits are submitted to the IRS via Electronic federal Tax Payment System (EFTPS). Each business has its own schedule to make federal tax deposits. This will be determined from the total taxes reported on the business 941 Withholding Tax Returns in a four-quarter look-back period. The IRS Notice 931 provides more details about deposit requirements for payroll taxes. In some situations it may not be possible to make deposits or to file withholding tax returns on time. To prevent enforced collections by the IRS on the business payroll tax liability, and to resolve this debt, the business has to file all missing tax returns as soon as possible, make future deposits on time, and contact the IRS to discuss available repayment options. If the liability is not very high, it is possible to set up a small payment plan with the IRS without submitting completed financial statement and necessary financial supporting documents. However, if the business owes lots of money to the IRS, consulting a tax professional is the best way to resolve this debt and to reach an agreement with the IRS without fear of enforcement.

More information on resolving your

payroll tax problem

is available from the tax resolution specialists at 20/20 Tax Debt Help.

Article Source:

ArticleRich.com

Benefits of Outsourcing Human Resources Management to a PEO Company

by

Nancy Hartley

The benefits of outsourcing human resources management to a PEO company are greater cost savings and more resources left for the all-important core responsibilities. HR management is a tough task, one that demands the most of your resources and energy. Businesses need to cut costs and achieve economies of scale so that they can increase their productivity at lesser operating costs.

One of the best ways of cutting costs is to outsource the non-core responsibilities, to shake off the burden from your organization’s resources. HR management, being so extensive, could provide mega savings for businesses when outsourced. How a PEO Company Can Make the Difference Businesses must secure the services of a reliable PEO company that offers comprehensive and flexible outsourcing of human resources management. A PEO offers human resources outsourcing through the co-employment relationship, but provides its services in line with the exact requirements of client companies. The flexibility ensures that the PEO company is able to take into consideration the exact requirements of the organization and customize its services accordingly. — Recruitment and selection — Payroll administration — Benefits administration — Comprehensive legal compliance — Risk management — Immigration compliance — Human resource administration These are tasks that cover all aspects of human resource management. With these responsibilities effectively outsourced, businesses can ensure the efficient performance of their human resources, eventually contributing to greater performance and productivity. Human Resource Management – Main Aspects Each aspect of HR management consumes quite a good deal of effort and resources. — Recruitment involves hiring the right people and involves a host of procedures to get the right people to work for you. They need to be not only well qualified and experienced, but also fit in well with the atmosphere of your organization. — Benefits administration is an important factor in influencing potential employees to work for your organization. It also largely contributes to increasing the retention factor of staff. — Payroll is probably the most extensive of all human resources management responsibilities. From prompt and accurate paycheck distribution to tax filing, this is a task that must be handled well or it would directly affect the productivity of your staff. — Managing risk involves ensuring workplace safety, processing Workers’ Compensation claims and preventing dangers. — Legal compliance involves keeping abreast of all the Federal and State regulation changes and ensuring your organization complies with them. — Human resources administration deals with the comprehensive and burdensome administrative tasks involved in administering these HR management responsibilities. These and many other exhaustive functions form part of outsourced human resources that are handled efficiently by the experts of the PEO company. These are some of the benefits of outsourcing human resources management to a PEO company.

Kruse PEO offers

human resource management

services to businesses of all kinds in the United States. The comprehensive and cost-efficient

HR management services

offered by Kruse PEO would help companies streamline their business processes.

Article Source:

ArticleRich.com

By Major Sherry

If you have been involved in an accident and you need to make a claim, then you need to know what to do. Being injured and making a car accident compensation claim are both a big deal and you need to know how to handle them properly. If you do not handle them properly, then you could end up worse off than just injured.

The Basics to Filing a Car Accident Compensation Claim

As long as you and the other driver are both insured, then it will be much easier to file your claim and deal with the things you need to. Make sure you get the information from the other driver. You will want their insurance information and you also want their personal information as well. If the police were called, then you want a copy of the police report as well.

If the accident was not your fault, then you will have some damages that the other party’s insurance company will have to pay for. This can include any medical treatment, rehabilitation, repairs to your vehicle, car rental, costs for emergency services, and any compensation for time you might miss at work.

This is not something you should take lightly and you could have more money coming your way than you originally thought. Insurance is there to help make you whole again and this includes any physical issues, financial losses, and mental issues as well. If the driver was negligent or the vehicle was defective, then you may also have a claim for damages of the punitive type.

What to Expect if you Have to File a Car Accident Compensation Claim

If you have to file a car accident compensation claim, then you may want to get some legal advice as well. Having a trained attorney can help to protect you from a settlement or an offer that is not even close to what you are owed. Typically insurance companies will try to offer you a sum of money that seems like quite a bit to you, but is not as much as you are owed. Having an attorney can help protect your rights and keep this from happening.

These are typically called personal injury attorneys and if you hire one that is known for doing well, then you will get more money than if you hire an attorney that does not know what they are doing. You need an experienced personal injury attorney to help you with your case. The best part is that the attorney you choose will not ask you to pay them unless they win money for you.

The bottom line is that you do not have to deal with all the struggles of filing a car accident compensation claim because it was not your fault. This means that you have rights and you need an attorney to help make sure your rights are protected. You have damages coming to you and you need to be “made whole” again by the insurance company. Make sure you get compensated for all of your losses.

About the Author: Free:

Personal Injury Law

Advice Free:

Search Legal Advice

Major Sherry is an Expert in the Legal Field and helping others find Proper Legal Help

Source:

isnare.com

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Submitted by: A.Noton

Commercial insurance is one of the most imperative investments that a business owner will ever make. This is the coverage that will protect assets, investments, and the very heart of the company. Below is some information on commercial insurance which you may find useful.

What is commercial insurance?

Business insurance is designed to protect the assets of businesses, and commercial establishments. There are commercial policies which are appropriate for all size companies. As well, policies may be tailored to meet the needs of the individual company itself.

What types of events does the business insurance protect against?

There are different policy options depending on need. However, most policies offer coverage against such things as, theft, fire, property damage, and general liability.

Does a small business need commercial insurance?

Though all businesses need such coverage, it may be especially important to the small business owner. If a company is not incorporated, owners may be at even greater risk in the event of unforeseen circumstances. Small business owners could lose not only business related capital, but more importantly, they could suffer a loss of personal assets should potential loss or law suits occur. This means assets such as the family home, vehicles, etc. could be in jeopardy. Business insurance will prevent this type of stress and hardship.

Does business insurance include workers compensation coverage?

Some enterprises may opt to purchase workers compensation policies through a different company than the one which provides them with fire, theft, and general liability coverage. However, often the same insurance company will provide for all commercial insurance needs. Many times it is less expensive to purchase all coverage from the same company. There often will be a package rate available. Which even you choose, be certain to purchase adequate workers compensation coverage. Workers compensation is the coverage that will pay for medical expenses of employees, should they become injured on the job. It is of the utmost importance to have this protection.

How to choose the best insurance company for your business

When searching for a commercial insurance company, the key is to find one that is reputable. They should be able to meet all coverage needs of the business, provide comparable rates, and have a reputation of providing excellent customer service, ease of claims, and prompt settlements. If you are considering purchasing insurance from a company check with the better business bureau. See what type of rating they have, and how many complaints have been filed against them. This will give you an idea of how reliable the firm is.

Before purchasing a commercial insurance policy compare rates, and offered coverage from multiple companies. Find agents who will take the time to address all your questions and concerns. This is imperative. A good agent will be willing to invest the time it takes to make certain that all aspects of coverage have been thoroughly explained. Once you have notes on several of the best insurance providers, narrow your choices down to the one that best meets the needs of you company.

About the Author: Whethere you’re looking for the best

commercial insurance London Ontario

or

insurance brokers London Ontario

, at Haas Insurance Group- 106-101 Cherryhill Blvd, London, ON N6H 4S4 (519) 471-7740 – you are ensured that you will get the service you deserve.

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