Operating a business can leave little time for the complexities of managing payroll taxes, especially if you've got multistate challenges to navigate. But the consequences of getting something wrong can be severe, and unfortunately, it's easy to get things wrong.
That is why Payroll Tax Management has put together a series of Learning Moment YouTube videos to provide some quick guidance around some of the most important payroll tax practices. We know how busy you are so we've tried to condense each topic into a concise tip. Each video is just over a minute. To view all of our videos, click here. Individual videos are linked below by topic:
- Holding Client Tax Funds (1:26 minutes): This video addresses the controversial topic of whether to impound client funds. Learn about the circumstances that makes it a best practice to impound.
- Penalties and Interest (1:12 minutes) Taxing agencies are not perfect and mistakes can be made. Check out these quick tips to manage or avoid tax penalties and interest payments.
- Quarter End and Year End Prep (1:27 minutes) Learn how to stay organized and make every quarter end a little more efficient.
- Applying for New Agency IDs (1:14 minutes) Processing in a new state can involve many confusing tasks. Who is responsible for applying for the business account? You may be surprised.
- Multi-state Employees Local Taxation (1:15 minutes) When you expand into a new state, the most important thing to get correct is employee taxation. Amending wages out of the wrong jurisdiction and into the correct one is a challenge. If the mistakes carry on to the W-2, it’s a major headache. This video includes the tips you need to get it right from the beginning.
- Expanding into Multiple States (1:11 minutes) Many payroll services default to the home state, which can cause complications for your new employee. Learn some great tips for growing your business while staying in compliance with laws that vary from state to state.
- Multistate employees (1:16). Employees who live in one state and work in another or who perform work across multiple states temporarily or on a permanent basis have different tax requirements. This video will explain withholding taxes and SUI taxes, which generally are required to be paid to different states but can change depending on the situation.
You Know Your Business. We Know Payroll Taxes.
The experts at Payroll Tax Management are here to help. With PTM on the job, you can spend more time managing your business and less time worrying about taxes. PTM provides payroll tax software and services to payroll providers and corporate clients. To learn more about any of these topics or to find out how we can provide you with the expertise you need to ensure accurate, timely and fully compliant payroll tax processes year-round, give us a call or click on the link below.
To learn more about the full range of services we provide around compensation, including time and attendance, ACH direct deposit processing, full-service payroll and HR software and services, visit the websites of our sister companies: Time Rack and SBS Payroll.