Payroll Services in Cincinnati, OH
Bringing on new employees is an exciting moment for the growth of your business. With that, however, comes all the accounting and legal complications of payroll. If your payroll process is mostly guesswork, you could be facing an IRS payroll audit and hefty fines.
Thankfully, you can leverage the experience of Somerville & Company CPA as your experts in payroll accounting. We help company owners throughout Cincinnati set up and maintain organized and accurate payroll systems, so your employees don't have to worry about inaccurate or untimely payments. Call us today for a consultation!
Simplifying the Payroll Process
We have years of experience with companies of varying sizes and structures. Somerville & Company CPA dedicates our skills to your benefit with efficient payroll services. Our unique payroll system can be customized to meet your needs. Whether your employees are salaried, hourly, contracted, or a combination of these, we can navigate a range of pay frequencies to deliver your exact requirements.
We can support you with many features of payroll, including:
We Provide Professional Assistance with Payroll Taxes in Cincinnati
Employees must pay taxes on their salary, and you, as the employer, must calculate and submit them. They fall into two categories: taxes and deductions. There are state, federal, and local taxes, as well as deductions for social security, Medicare, and insurance. Your business is responsible for remitting those fees to the correct department on time. This process can get complicated, but our team can simplify and automate the process for you.
We uncover existing and potential problems and propose solutions to answer all your payroll tax-related questions. The earlier we recognize the problem, the better, because tax problems tend to compound. The IRS may not contact you immediately; however, your debt and penalties will begin to accumulate.
Payroll Tax Solutions in Cincinnati, OH
In addition to auditing your business tax returns, the IRS can also inspect your employment tax returns to ensure you are filing the mandatory payroll taxes. The IRS can initiate an audit at any time, even when you know your records are valid. The key to reducing the risk of an audit is controlling the factors that could cause one. Have our team review all federal employee and contractor policies, and make sure yours comply.
If the IRS believes that your failure to clear your payroll taxes is tax evasion, there will be consequences. The penalties include up to five years imprisonment and $500,000 fines. Although tax forgiveness is possible, the IRS is strict on payroll tax-related issues. Agreeing on a solution with them is sometimes painful. However, we can negotiate and propose a long-term resolution that will favor your financial circumstances.
Why Should You Outsource Your Payroll to Our Cincinnati Firm?
By hiring Somerville & Company CPA to take care of your payroll, you'll have access to our responsive team of professionals. Questions can come up at each pay period or filing deadline, and we are available to provide answers. Along with year-round support, the following are some of the benefits of working with our Cincinnati firm:
Reduce Risk: Trying to keep up with payroll on your own could put you at risk of financial loss, especially when it comes to compliance errors and fines. If you aren't familiar with all of the current regulations, it can be easy to miss something important. Worst of all is failing to withhold and supply employment taxes, which results in a double fine.
Reduce Stress: For those not well-versed in the details of federal and state tax or payroll regulations, handling these responsibilities alone can be daunting. Alleviate these worries by having our firm manage these tasks.
Save Time & Money: Allocating these tasks to an external resource allows you to avoid these dangers and focus on managing your business. When you outsource your payroll, you won't need to allocate overhead to hiring a full-time team member. Our experts stay focused on maintaining an efficient process, so you don't have to.
Proper recordkeeping and reporting are crucial for all businesses and newly formed organizations. We can set up a system that meets all government regulations, is easy to use, and gives you a day-to-day snapshot of your company's finances. Our team can get your organization up and running, and we can continue to handle everyday bookkeeping and payroll tasks as needed.
Keep Employees Happy and Profits High
If you're tired of spending so much time on payroll each month or feel overwhelmed with the process, the team at Somerville & Company CPA is here to help. We proudly serve enterprising small businesses in Cincinnati and welcome you to contact our office and schedule your consultation today.
We offer payroll services in Cincinnati that are competitively priced and personalized to fit your company's unique needs. When payroll processing becomes a burden, set up a consultation with our firm today and discover your options!