Payroll, pension plans and 1099's are three things a small business owner can not only despise but also get themselves into a lot of trouble really quickly. They say in the accounting industry that penalties and interest accumulate by the minute rather than the day when it comes to payroll. The IRS holds a similar view. The idea is that money withheld from employees paychecks is the property of the government as soon as it is withheld. Therefore any late payments is, in their opinion, borderline theft. It is extremely evident that this is their position when you look to the frequency of the filing dates. Four times a year a business has to file payroll reports, that is three times more than an other return the IRS processes. Additionally, as if the frequency was not enough, the report process is complicated even further with at least three different percentages used to calculate the withholding and tax requirements on one form.
Minniti & Company can alleviate this stress through our support services. We have the technical knowledge and manpower to make sure your payments to the IRS are there on time and penalty free. With all of the other items a small business owner monitors everyday this is one area that is more of a headache than a reward. As your professional partner our goal is to aid in your success and by handling some of the underlying support programs we allow you to stay focused and into the operating side of your business.
As part of our payroll service we can provide the following:
IRS Filings - Forms 940, 941, W-4, W-2, W-3
State Filings - Forms OQ, 132
Along with these payroll services we also provide pension plan accounting and filing of the 5500, 1099 preparation for year end accounting, and correspondence and representative services for the times things don't go as planned. Our overall goal is to be your professional partner aiding your success by handling your financial issues allowing you to do what you got in business to do. After all, if you wanted to spend your time doing accounting you would have become an accountant.
We have found a tool to aid in your pursuit of perfect payroll and we thought we could share it with you.