Did you know that the IRS audits approximately 25% of small businesses for their payroll tax compliance? If the thought of being audited by the IRS makes you nervous, you're not alone.
With numerous deadlines, forms, and compliance regulations to navigate, it's no surprise that 33% of small- to mid-sized business owners say that they are uncomfortable completing payroll and navigating taxes on their own.
Plus, regularly updating employee statuses, adhering to multistate regulations, and supplying W-2s and W-3s can lead to potential mistakes made throughout the year, resulting in an extremely stressful tax season.
Thankfully, HRO (human resources outsourcing) services, such as those offered by SynchronyHR, can help simplify the process.
Here's how partnering with us can help take the stress out of tax season and beyond:
Process and file taxes
The SynchronyHR team will manage the filing of federal employee income taxes, state withholdings, forms 940 and 941, unemployment taxes, and more. Even the slightest error or delay in these filings can result in fines or penalties, which is why it's helpful to have professionals assisting you with this process.
The team can also help with statutory payroll tax deductions, such as social security and medicare taxes, and voluntary payroll deductions, like health insurance premiums and retirement plan contributions.
Simple employee document distribution
Our team of payroll outsourcing professionals will prepare W-2s and W-3s, along with other key tax documents, for your employees. Better yet, SynchronyHR’s digital employee self-service tool can simplify distribution by providing employees access to these tax documents, along with pay stubs and accrued time off info, online via a self-help platform.
Manage multistate regulations
Businesses that operate across multiple states, whether through additional locations or remote employees, face increased challenges during tax season. Each state comes with a unique set of tax regulations, and business owners are required to adhere to all of them. SynchronyHR can help you meet these requirements and keep you current on potential tax code changes.
Handle employee changes
Your employees’ lives are constantly changing. From marital status to number of dependents, managing these changes can be a tedious task. Through our integrated technology, we'll help keep track of employee status changes and make sure that the necessary documents are updated.
Help you focus on your business
The last thing you want as a business owner is to be caught up with complicated tax preparations and filings. By passing these responsibilities over to the SynchronyHR team, you get time back into your day to focus on the overall growth and success of your business.
Ready to take the stress out of taxes and future tax filings? Get in touch with our team of HRO professionals today to learn more about how we can help.