Tax season is challenging for companies of all sizes, but the burden can be especially weighty for small to mid-size businesses that don’t have the budget, time or expertise to efficiently manage the process. Partnering with a PEO delivers these resources without an added expense, and the benefits start long before the filing deadline. There are five specific ways that a quality PEO will help you at tax time and beyond:
- Filing Regulations and Deadlines. A PEO will process W-2s and W-3s as well as manage 940 and 941 filings including federal withholdings. They also will prepare, file and pay all payroll-related tax returns, manage state withholdings, state unemployment taxes, and more. With a PEO you are compliant with all of these regulations and filing deadlines, which protects you from the risk of fines and penalties.
- Multiple State Regulations. When your business operates in multiple states due to additional locations or the use of remote employees, payroll taxes will vary by each location. A PEO removes the stress and hassle of this process by ensuring compliance in every venue and remaining up-to-date with regulatory changes.
- Stay Current. Life is about change. Employees get married, divorced, have children and lose dependents as their children transition into adults. Your PEO tracks these status changes and assures that forms are updated to reflect them. They will prepare and distribute W-2s and 1099 forms to prevent errors or missed deadlines.
- Process and File Taxes. The PEO has all of the information and expertise needed to prepare and file your payroll-related business taxes, relieving you of this time-consuming burden. They will submit all relevant forms and document additional information as needed.
- Keep Your Focus on Your Business. Preparing and filling all payroll-related tax return forms requires hundreds of hours a year of effort. Hours that could be better spent taking your business to the next level. Partnering with a PEO allows these time-consuming responsibilities to be managed by experts so you don’t have to be concerned about filings, compliance, or updates.
At Applied PEO, our staff has the skills and expertise to manage all payroll-related tax return preparations. We assure compliance and payment of all federal, state and local payroll taxes as well as manage unemployment claims. We take the stress out of tax management during the official tax season and all year long. Contact us to learn more about how we can help you save time and money while improving the benefits you offer your employees.