What to Consider When Choosing a Payroll Service Provider

What to Consider When Choosing a Payroll Service Provider

Payroll is just one checkbox on an often-overwhelming to-do list. But it’s an important task nonetheless. Your employees will be unhappy if they’re not paid correctly and on time. And you’ll be unhappy if you have to spend hours each week adding up timesheets, calculating pay and filing forms for each employee.

If it’s just yourself and one or two employees, it might not take that much time. But what else could you be doing to further your business instead of pushing paperwork? Maybe it’s time to do a quick time-cost analysis to determine whether the time you spend processing payroll can be better spent ordering, marketing and selling your products.

 5 Things to Consider

If you’re thinking of outsourcing your payroll processing, consider all your options in order to make a smart decision.

1. Payroll Services

What services do you need? Most payroll providers offer a basic set of services. These often include:

  • Processing payroll
  • Time tracking options
  • Generating payroll records and pay stubs
  • Handling tax filing and compliance

Some payroll providers offer additional services that can further streamline your payroll process, including:

  • Tax filing on your behalf
  • New-hire reporting services
  • Vacation time and sick leave management
  • Software integration
  • Management of employee benefits and retirement plans

2. Software Integration

Chance are, your company uses a variety of software programs like QuickBooks, Gusto, BambooHR, Zendesk, Salesforce and others. If so, you’ll want to make sure your payroll system can integrate with your other software, if necessary. This can streamline the payroll process, making things more convenient and efficient.

3. Processing Costs

The costs for payroll processing services will vary depending on the features and price structures. Most processors charge a flat rate every month or pay period, plus a small fee for each employee. Be sure to ask about any additional charges for tax filing, direct deposit or HR services. Cost should not be the only deciding factor when choosing a payroll provider, however. The best payroll service will save you time and effort at a cost-effective price point.

4. Tax Compliance & Updates

An important part of payroll processing is handling tax services, such as calculating and filing Social Security and withholding taxes. Because tax laws are constantly changing, you’ll want to make sure your payroll processor is up to date on laws and forms — to avoid errors and to help you stay in compliance. You might also want to ask whether they provide penalty protection in case of a filing mistake.

5. Customer Support

It’s bound to happen … so what will you do when something goes wrong? If you’re using simple online payroll software, you might have a hard time tracking down customer service. Or you may have a question, but can’t find the answer in the many FAQs and online forums. When you’re shopping for a payroll processor, be sure to find out about customer support options, as well as ease of use.

Premier Payroll Services Handled Locally

Premier CPA Services uses myPay Solutions, a service of Thomas Reuters. With myPay Solutions, you’re ensured of accurate and timely payroll services for your business. What’s more, you have a dedicated team you can contact directly with any payroll questions — whether simple or complex — right here in Blue Ridge, Georgia.

We can provide you with complete payroll processing, including federal tax services and state tax filing, direct deposit and integration with a variety of software. When you need a payroll report, just send us a quick email and we’ll pull it together for you.

We guarantee that your taxes will be paid accurately and on time; and if the IRS or your local tax agency should ever contact you, our tax experts will handle the matter for you. You’ll have no more worries about ever-changing payroll tax rates, policies or potential penalties with our payroll tax services.

It’s time to hit “delete” on time-consuming payroll tasks. Call us at (706) 632-7850 or email Jackie at jackie@premiercpaservices.com to request more details on how our payroll services can help you and your business.

Premier CPA Services 10 year anniversary logo

May 31 was the 10-Year Anniversary of Premier CPA Services! Over the next few months, we will be offering some great giveaways to our clients and Facebook friends to celebrate! Be sure to follow us and stay tuned!

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Back-to-School: Some Teacher Expenses Are Deductible

If you are a teacher or administrator, the Educator Expense Deduction allows you to deduct up to $250* from your taxes. You can only claim this deduction for expenses that were not reimbursed by your employer, a grant or other source.

To be eligible, you must be a K-12 teacher, instructor, counselor, principal or aide. You must also work at least 900 hours a school year.

Be sure to keep your receipts for purchases including:

  • Professional development course fees
  • Books
  • Supplies
  • Computer equipment, including related software and services
  • Other equipment and materials used in the classroom

*The deduction is $500 if you and your spouse are both educators and file jointly.

Online Access Keeps You In-Touch

Did you know that you can set up an Online Account with the IRS? It’s a safe and easy way to view specific details about your federal tax account.

What You Can Access:

  • Your federal tax payoff amount, if any (updated each day).
  • The balance for each tax year for which you owe taxes.
  • Your tax payment history.
  • Key information from your most current tax return.
  • Payment plan details (if you have one).
  • Digital copies of select IRS notices.
  • Economic Impact Payments you have received, if any.
  • Your current address on file with the IRS.

What You Can Do:

  • Select an electronic payment option.
  • Set up an online payment agreement.
  • Request a 1040 transcript.
  • Authorize who can represent you before the IRS or view your tax records.
  • Approve and electronically sign Power of Attorney and Tax Information Authorization requests from your tax professional.

To access your information online, you must register through Secure Access, the IRS’ two-factor authentication process that protects your personal information.

Do You Have Children? You May Start Receiving Monthly Child Tax Credit Payments in July

Do You Have Children? You May Start Receiving Monthly Child Tax Credit Payments in July

If you have one or more children age 17 or under, you may automatically begin receiving advance payments of the Child Tax Credit on July 15th. Roughly 39 million households — covering 88% of children in the United States — will begin receiving the payments as part of The American Rescue Plan Act, which was passed in March.

The new law increased the maximum Child Tax Credit (for 2021 only) to $3,600 for children under age 6 and to $3,000 for children between 6 and 17. As a result, eligible families will receive a payment of up to $300 per month for each child under age 6 and up to $250 per month for each child age 6 to 17. Payments will continue monthly on the 15th of each month — via direct deposit, paper check or debit card — through the end of the year.

Other Details Include:

  • The payments are an advance of any credit due on your 2021 tax return. (Keep in mind this may reduce the amount of your tax refund next year, or even trigger the need to pay back some of the funds if your financial situation changes significantly.)
  • The credit for qualifying children is fully refundable, which means you can benefit from the credit even if you don’t have earned income or don’t owe income taxes.
  • The credit will include children who turn age 17 in 2021.
  • The amount of the CTC was previously up to $2,000 annually per qualifying child under the age of 17.
  • The increased amounts are phased out if your income is over $150,000 (married filing jointly or qualifying widow/widower), $112,500 (head of household) or $75,000 (all others).
  • The advance payments will be made monthly from July through December as long as you live in the U.S. for more than half the year. The total of the advance payments will equal up to 50% of the full Child Tax Credit, and will be estimated from your 2020 tax return (or 2019 return if 2020 is not yet filed).

More to Come

The IRS is sending out letters to families it believes qualifies for the credit. If you qualify, you do not need to take any action to get your payment.

Later this summer, the IRS will be adding a Child Tax Credit Update Portal to its website. You can use the portal to notify the IRS of changes in your income, filing status or number of qualifying children, or update your direct deposit information. You will also be able to unenroll from receiving the advance payments (and instead receive the full amount of the credit when you file your 2021 return next year) if you wish.

Additional information on how you can access the Child Tax Credit can be found on the IRS website at IRS.gov/childtaxcredit2021. Feel free to contact us if you have any questions about how the credit will affect your 2021 tax return.

Premier CPA Services 10 year anniversary logo

May 31 was the 10-Year Anniversary of Premier CPA Services! Over the next few months, we will be offering some great giveaways to our clients and Facebook friends to celebrate! Be sure to follow us and stay tuned!

Extension Date: Still October 15th

Please note that if you filed an extension with the IRS, the due date for your federal income tax return is still October 15. Although the original tax deadline was moved from April 15th to May 17th, the extension deadline has NOT changed. In order to complete your taxes to meet the October 15th deadline, we will need all your paperwork by Friday, September 24th.

Payroll & Accounting Services Available

You may count on Premier CPA Services to file your personal and/or business taxes each year. And for that, we say “Thank You!” But did you know that we also offer Payroll and Accounting Services?

We can handle your employee payroll through MyPay, as well as in-house live payroll, no matter how many employees you have (whether one or 100!). We can also handle your after-the-fact payroll — processing all the necessary forms, and relieving you of the burden of all that tedious paperwork.

For more details, contact Amber at amber@premiercpaservices.com or call (706) 632-7850. It’s easy to get started, and can save you a ton of time and effort.