Tax season is quickly approaching. It’s a time of year that can strike fear into the most confident business owners. Strict deadlines, confusing forms and complex compliance regulations can turn the tax months into a chaotic frenzy of paperwork.
Business owners looking to alleviate stress during the tax season should consider using a PEO. One of the benefits of partnering with a PEO is that they assume responsibly for tax filing and compliance. PEOs help make tax season stress free.
PEOs are experts in tax filing and compliance. Payroll tax errors can have devastating consequences. A hefty fine from the IRS can permanently damage your business and reputation. Using a PEO will ensure that small business owners will remain compliant with all current tax deadlines and regulations, protecting you and your employees from expensive fines and penalties.
PEOs can also help manage regulations across state lines. If your business operates in multiple states, taxes and regulations vary from state to state. PEOs will help ensure that each division of your business is in compliance with state mandated requirements. PEOs will also be kept up to date with any changes in tax code for every state your business operates in.
Dealing with employee’s paperwork can also become a head sore during tax season. PEOs can take over the responsibly of sending out W-2s and 1099s, making sure there are no errors, and all deadlines are met. The PEO is also responsible for keeping up with any employee status changes.
PEOs are not only experts in compliance, but they also know the ins and outs of processing taxes. Processing and filing taxes for your business is a tiresome and time-consuming task with plenty of opportunity for you to make mistakes. Your PEO could handle this process for you ensuring that all deadlines are met, the correct forms are submitted and all relevant information is documented.
PEOs are essential for making sure your small business runs smoothly and can continue to grow. Not only do they make sure your business is in compliance with all rules and regulations, they can also save you time. While using a PEO, you no longer have to worry about the burden of tax preparation and compliance, giving you time to focus on actually running and growing your business.
Tax season can be an incredibly stressful time for most business owners, but it doesn’t have to be. Using a PEO can help navigate the stresses and pitfalls of tax season with a newfound confidence and peace of mind.
Partnering with a PEO like CornerstonePEO may be in your best interest. CornerstonePEO covers everything to HR and employee benefits to payroll and workers comp. Our industry leading PEO services offer innovative, cost effective, easy to understand business solutions for companies of any size and industry. Contact us to learn more.