Found an interesting article the other day on the “Top 10 Payroll Mistakes Companies Make“. The article begins by stating that the IRS is attempting to close the tax gap. In order to discover the most common areas of employer non-compliance, the IRS launched the Employment Tax Research Project (ETRP) in 2010. Such areas include; worker misclassification, fringe benefits, executive compensation, and payroll taxes. Once their research is complete, the IRS will focus their audits on those issues. After reviewing the article, we suggest all employers make any necessary corrections before the IRS pays a visit. These compliance errors could be costly.
By outsourcing the payroll function to Compass-i, you can potentially eliminate all compliance errors. Give us a call to find out how! (480) 893-1394.