January 25, 2023 Payroll, Payroll & Tax Support, Payroll Support

Improve Payroll Confidence By Reducing Tax Errors

Ensuring employees are paid accurately and your business stays compliant can help prevent IRS fines and other inconveniences. With stakes so high, many organizations choose to bring in help to ensure compliance. Here at Wise, we make it our business to get it done right. Wise consultants are U.S. and Canada-certified and can assist you in accurately navigating new and changing tax laws, tax reconciliation, balancing, validating your quarterly and annual wage and tax data, and more. Read on to learn some suggestions for improving your payroll tax compliance.

Get It Right from the Beginning

Measure twice, cut once! While the origins of this old saying have to do with carpentry, the handy phrase can also apply to your payroll tasks. You’ll want to check and double-check that everything is accurate before submitting payroll every time to avoid the headache of having to go back and correct costly errors and mistakes. When it comes to compliance, this prevents the need to file W-2c forms and avoids damaging employee confidence as well as fielding a potential inquiry from the IRS or state and local agencies if there is inaccuracy.

Be Proactive by Performing Internal Audits

One way to prevent mistakes is to regularly run internal audits. This can include either internal or external auditors conducting periodic audits of your payroll processes to verify basic things like correct payroll payment calculation and proper time recording. 

These audits can be time-consuming and detailed. With payroll staff often already stretched to continue meeting payroll deadlines, it can be difficult for them to also perform these audits. A helpful solution is to partner with an experienced external payroll audit consulting firm, like our certified, expert Wise payroll team, to help you accurately execute these preventative measures without stretching your staff too thin. 

Know Where Your Remote Workers Are

It’s no secret that working from home impacts our workforce culture more than ever before. Businesses might not always be aware of the tax considerations that can crop up as hybrid and remote work employees move or become digital nomads.  

Paid leave, overtime and vacation policies, tax withholding, and other laws and regulations can differ from state to state/country to country, and it’s crucial you know where all of your employees are to handle tax jurisdiction registration correctly. If you aren’t keeping track of your employees’ state/country residences, or are unaware of employees relocating, you could be setting up your organization for legal consequences. 

To read more about the importance of Nexus and payroll state laws and regulations, click here.

Recruit Assistance from the Wise Payroll Support Team

Keeping current with ever-changing federal, state, and local tax regulations is essential. Performing regular audits and staying in compliance avoids costly penalties and wasted time. Wise’s U.S. and Canada-certified payroll consultants can keep you informed and on track to remain fully compliant.

Want to Achieve Payroll Confidence? Reach Out to Our Team Today!

Make sure you stay on top of ever-changing payroll and tax regulations by enlisting the help of Wise Consulting’s payroll support team. To learn more about achieving or maintaining payroll confidence for your organization, click here. Or, get in touch with a Wise consultant by contacting us today.

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