What is TransPAYrency?
TransPAYrency is a security feature that allows a business to track, with clarity, where payroll transactions are going, simply using online banking or looking at bank statements.
Even if a company outsources their payroll to a third party payroll company, the IRS holds the individual business solely responsible for making sure payroll taxes have been paid and tax forms have been filed correctly and on time!
The employer is ultimately responsible for the deposit and payment of federal tax liabilities. Even though the employer may forward the tax amounts to the third-party to make the tax deposits, the employer is the responsible party. If the third-party fails to make the federal tax payments, the IRS may assess penalties and interest on the employer’s account. The employer is liable for all taxes, penalties and interest due. The employer may also be held personally liable for certain unpaid federal taxes.
https://www.irs.gov/businesses/small-businesses-self-employed/outsourcing-payroll-duties
TransPAYrency is a security feature that allows a business to track, with clarity, where payroll transactions are going, simply using online banking or looking at bank statements.
Even if a company outsources their payroll to a third party payroll company, the IRS holds the individual business solely responsible for making sure payroll taxes have been paid and tax forms have been filed correctly and on time!
The employer is ultimately responsible for the deposit and payment of federal tax liabilities. Even though the employer may forward the tax amounts to the third-party to make the tax deposits, the employer is the responsible party. If the third-party fails to make the federal tax payments, the IRS may assess penalties and interest on the employer’s account. The employer is liable for all taxes, penalties and interest due. The employer may also be held personally liable for certain unpaid federal taxes.
https://www.irs.gov/businesses/small-businesses-self-employed/outsourcing-payroll-duties
Contact Payroll Cents to find out how you can be protected by TransPAYrency
Phone: 865.276.8283 Email: [email protected]
