Page 25 - INC Magazine-November 2018
P. 25
Inc. Branded content / Hr
Banish
Payroll
headaches
with
outsourcing
oPtions
SMB leaders need to
spend more time on
business-critical activities and
less on admin tasks. Payroll
services solutions can help.
n the pantheon of responsibilities that 40 percent incur penalties averaging about 200,000 SMBs nationwide. “Small
that sap small and midsize (SMB) about $850 every year. For the businesses businesses are the most likely target of
ibusiness owners’ time and energy themselves, even minor missteps in this increased tax-compliance enforcement
and distract them from the core area can have major consequences. because they are the largest source of
objective of growing their business, Payroll is a “hot-button” issue for uncollected taxes, and payroll taxes is one
payroll administration looms large. the IRS and state taxing agencies, says of the areas under the closest scrutiny.”
Almost a quarter of SMB owners spend Joshua Meller, senior tax advisor at While some tax obligations come
six hours or more a month on payroll 1-800Accountant, which provides tax- with safety valves, such as the option of
administration, and IRS statistics show compliance and accounting services to filing for an extension on income tax
