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November-December-2015

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40 PalletCentral • November-December 2015 palletcentral.com arge corporations have departments and staff to handle just about every aspect of their businesses, from accounting, to human resources, to marketing. Small businesses, with their limited number of employees, have to seek assistance from sources outside of their companies. Here are 3 reasons to find outside help. 1. To focus on your business activities It's always a good idea for business owners and their staff to concentrate on the activities of the company that generate revenue. Spending their time on non-income producing tasks may not be the best use of resources. Do what you do best and outsource the rest. Activities to outsource. Small businesses may have a bookkeeper or other financial person in-house to keep the books and oversee expense accounts and other money matters. However, many smaller companies can benefit from outsourcing payroll chores, which have become more complex due to ever-changing tax laws. Payroll chores include: • Paying employees • Depositing payroll taxes with the U.S. Treasury (and state revenue departments where applicable) • Handling disbursements for various employee benefits (e.g., flexible spending accounts (FSAs), retirement plan contributions) • Providing W-2s to employees and submitting a transmittal to the Social Security Administration • Providing health care information returns (e.g., Form 1095-B or 1095-C if applicable) to employees and submitting a transmittal to the IRS (which is a new obligation for 2015 coverage that must be reported in 2016) • Filing quarterly employer tax returns. When using an outside payroll service, there are some things to keep in mind. Cost is always a consideration; the more services you use, the more you'll pay. Cost also varies from the large providers such as ADP and Paychex to smaller local companies. Be sure to use a reliable payroll company so that your money and tax responsibilities are handled properly. The IRS has a roster of approved payroll service providers (https://www.irs.gov/Tax- Professionals/e-File-Providers-&-Partners/Payroll-Service- Providers). The IRS now sends dual notices (https://www.irs.gov/ pub/irs-pdf/p1693.pdf) for a change of address so a company won't FINANCE L iStockPhoto.com/Pogonici Three Reasons to Outsource By Barbara Weltman

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