Maintaining payroll tax compliance involves withholding, filing, and paying taxes in a timely manner. Any delay in paying a tax obligation, especially when finances are tight, may produce costly penalties and interest. Even one late payment can result in significant financial losses for your staffing firm. By using your invoice assets to secure funding, you can cover your payroll while maintaining tax compliance. Find out how Madison Resources can fill your staffing firm’s funding and tax compliance needs.
1. Outsource Tax Compliance Responsibility
When you take advantage of funding for payroll, you outsource your company’s payroll tax compliance duties. Having trained professionals handling your payroll means they will stay current on tax laws and regulation changes, filing and paying taxes on time, maintaining accurate records, and more.
2. Remain Current With State Laws
Capitalizing on funding means having experienced professionals keeping up with varying state laws regarding payroll methods. Because laws regarding withholding payroll taxes, wage garnishments and child support payments may drastically differ among the states your employees work in, the trained professionals handling your payroll maintain a firm understanding of current payroll laws in each state to ensure you remain compliant.
3. Gain Checks and Balances
By securing funding to cover payroll, you gain seasoned professionals providing a system of checks and balances to ensure accuracy in fulfilling your tax requirements. Having more than one professional handling processing and reconciliation provides safety nets for correcting mistakes and avoiding penalties or fraud. You remain compliant with payroll tax requirements at all times.
4. Case Study: Melinda D.
When Melinda D.’s staffing firm was expanding into new markets, her employees were becoming overwhelmed trying to keep up with the state and local tax climate. To ease their burden, Melinda turned to Madison Resources. Not only did we help her company expand by providing the funds needed, we also took payroll tax compliance off the employees and put it in the hands of our tax professionals. We even took away the headache of mandatory sick pay accruals. Now Melinda and her team can focus on staffing and can get timely feedback which will help in pricing and other strategic considerations.
Outsource Payroll Tax Requirements
Take advantage of strategic funding and outsource your payroll tax requirements to Madison Resources Let our skilled professionals take on the complications involved with payroll tax compliance so you have more time to generate revenue. Get in touch with us today!