Better keep reading to know what's at stake for you, your employees and your business. According to an analysis of the US Census Bureau & the IRS data, each year the IRS will assess 924 employment tax related penalties per business in the USA!
DIY Payroll Calculators
Using a payroll calculator can be a risky decision. You've clicked our link because you're searching for answers. Generally, this search means you've got payroll processing to do. It also means you probably believe to run payroll you need to do it yourself. Or perhaps it means your don't trust using payroll companies. Before you run payroll using a payroll calculator, be sure to watch our short 1 minute video. What's in the fine print in the terms of service for that payroll tax calculator might just get your attention.
Payroll Tax Calculator - Guaranteed
In short, payroll calculator tax amounts are not guaranteed accurate! The typical "warning" disclaimer reads, "Important Note on Calculator: The calculators on this website are provided by [COMPANY NAME] and are designed to provide general guidance and estimates. These calculators should not be relied upon for accuracy, such as to calculate exact taxes, payroll or other financial data.Neither these calculators nor the providers and affiliates thereof are providing tax or legal advice. You should refer to a professional adviser or accountant regarding any specific requirements or concerns." [emphasis added]
So, as a business owner shouldering all the risks of your business, wouldn't it be nice to feel some relief that you can afford payroll services offering a guarantee on payroll tax calculations? Trupayroll.com provides just that - a guarantee; http://trupayroll.com/guarantee.
Payroll Processing - Mitsakes Are Lurking
Any idea what the top three mitsakes the IRS assessed penalties against
businesses for employment related taxes?
According to the 2015 IRS Data Book, Page 43, Table 17,
the IRS assessed just over a net of $2.5 billion in employment tax related
penalties! Care to know what were the
top three mitsakes that accounted 92.25% of all these penalties? If you’re going to DIY payroll, you better
know for sure! The top three mitsakes are:
Failure to Pay (IRC 6672) - up to a 100% penalty
Federal Tax Deposits (IRC 6656) - up to a 10% penalty for each occurance
Delinquency (IRC 6672) - up to a 100%
Interestingly enough, accuracy related penalties accounted for only .04%
of the total of all the penalties assessed. Where the DIY payroll run the greatest risk is in the actual handling of
the payroll tax dollars.These are the
mitsakes that will haunted you.Sure,
use a payroll calculator for your payroll processing to make sure your payroll
tax calculations are accurate.However,
that calculator won’t do anything to help insure that you’ve actually made the
federal tax deposits you were supposed to make when you were supposed to make
them.Payroll taxes are under the
category of a trust fund tax and are considered a higher priority tax to both
the IRS and US Bankruptcy Court.Making
mitsakes here can simply cost your business a small fortune or possibly run you
right out of business.
Act Now and lock in today's price for life!
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