Are you planning to outsource payrolls to payroll service provider?

Outsourcing payroll duties to third-party service providers can streamline business operations, but the IRS reminds employers that they are ultimately responsible for paying federal tax liabilities.

Recent prosecutions of individuals and companies who – acting under the guise of a payroll service provider – have stolen funds intended for payment of employment taxes makes it important that employers who outsource payroll are aware of the following three tips from the IRS:

1. Employer Responsibility The employer is ultimately responsible for the deposit and payment of federal tax liabilities. Even though you forward the tax payments to the third party to make the tax deposits, you – the employer – are the responsible party.If the third party fails to make the federal tax payments, the IRS may assess penalties and interest. The employer is liable for all taxes, penalties and interest due. The IRS can also hold you personally liable for certain unpaid federal taxes.
2. Correspondence If there are any issues with an account, the IRS will send correspondence to the address of record. The IRS strongly suggests you do not change the address of record to that of the payroll service provider. That could limit your ability to stay informed of tax matters involving your business.
3. EFTPS Choose a payroll service provider that uses the Electronic Federal Tax Payment System. You can register on the EFTPS system to get your own PIN to verify the payments.

From IRS website

The initial draft of the abstract model.

Source

ATX tax software

Tax wise

Drake software

ProSeries Professional Tax Software

TaxACT Professional

Sage Peachtree Complete Accounting

QuickBooks Pro (Intuit)

AccountEdge

Sage Peachtree Accounting

New features in 2012
- Copy Transactions
Enable you to create a new transaction based on a previously saved one (Quotes, Sales Orders, Proposals, Sales Invoicing, Purchase Orders, Purchase Invoices,  General Journal Entries).
- Expanded Payroll Fields
There are now a maximum of 40 fields available for each, up from 30 employee fields and 10 employer/company fields.
- Management Center Enhancements
-  Business Intelligence
- Vendor Management Center

Products

Sage Peachtree Pro
Sage Peachtree Complete
Sage Peachtree Premium
Sage Peachtree Quantum

QuickBooks

Products

QuickBooks Online Essentials
QuickBooks Pro
QuickBooks Pro Plus
QuickBooks for Mac

QuickBooks Online Plus
QuickBooks Premier
QuickBooks Premier Plus
QuickBooks Enterprise Solutions

AccountEdge

Compay offer small business accounting software for Mac, Windows, and Mobile.

Products

AccountEdge Pro for Mac
AccountEdge Basic for Mac
Network Edition
AccountEdge for Windows
AccountEdge Mobile

Free File is a free, federal income tax prep and electronic filing program for eligible taxpayers, developed through a partnership between the IRS and the Free File Alliance, a group of private sector tax software companies. Taxpayers can do their federal income tax returns using commercial online software provided by the Free File Alliance companies.

Turbo Tax

Free Edition includes free IRS efile.

Tax Act

Free federal edition include prparaton, printing and E-file.

H&R Block

Complete Tax

Features: tax impounding, client billing options, third party payment options, direct deposit, integrated HR & timekeeping …

Adp

ADP is online payroll services provider.

Intuit Payroll Software

Provides payroll software and services.

Paychex

Provider of payroll and HR services and 401(k) plans.

Paysoft

Provides payroll software for accountants.

SurePayroll

Provides online payroll services.

Pricing:  from $0 to $39 per month.

FreshBooks is an online invoicing software.

Freshbooks features:

- invoicing

- recurring invoices

- time tracking

- estimating

-collaboration

-expense tracking

Link to FreshBooks website

Simply invoices

Pricing: from $0 to $25 per month.

Link

Invoice place

Pricing: from $0 to $20 per month.

Link

Cash board

Pricing: from $0 to $10 per month.

Link

Outright is free online solution. There is no monthly fee, no credit card required, no trial or expiration dates.  They also offer premium version Outright Plus with more features.

Outright website

Systems Online

Free Accounting Software from Systems Online Inc.

Overview

Download

Express Accounts (NCH software)

A free version of  bookkeeping software is available for use by small businesses with less than five employees. The free version does not expire, but does not support some features designed for larger organizations. You can download the free accounting software version here.

GnuCash – Free Accounting Software

GnuCash is personal and small-business financial-accounting software, freely licensed under the GNU GPL and available for GNU/Linux, BSD, Solaris, Mac OS X and Microsoft Windows.

Designed to be easy to use, yet powerful and flexible, GnuCash allows you to track bank accounts, stocks, income and expenses. As quick and intuitive to use as a checkbook register, it is based on professional accounting principles to ensure balanced books and accurate reports.

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