Trusted Payroll Services to Support Your Growing Business
You’ve worked exceptionally hard to grow your Wilmington, DE, business. It’s an exciting time. Customers are happy, sales and revenue are increasing, and your reputation is growing. However, with that growth comes growing pains. Increased demand means hiring more staff. That requires a significant amount of time, money, and resources. It’s not just about hiring the right people but ultimately about knowing your company can properly compensate those new hires. For some companies, all this becomes too much to handle, which is why many businesses rely on Doherty & Associates – the best, most trusted, and most experienced payroll services provider in Wilmington, DE.
Accounting And Payroll Solutions
At Doherty & Associates in Wilmington, we are a team of highly experienced Certified Public Accountants (CPAs), business professionals, and consultants who work exceptionally hard on behalf of our Wilmington, DE, customers. We combine over 70 years of direct business consulting, payroll administration, payroll processing, tax planning, cash flow management, and accounting outsourcing for various types of businesses.
Whether it’s providing bookkeeping in Philadelphia to a new startup, helping a small and medium-sized enterprise (SME) with strategic and financial planning services, providing cash flow management services to Wilmington construction companies dealing with long receivable collection times, or merely being a company’s outsourced accounting solution, we’re guaranteed to have the services you need to improve your operations. If your Wilmington business is in a steady growth phase, or you feel your internal accounting resources are spread too thin, then our payroll processing services can help lighten the load while keeping compliance with end-of-year tax forms.
So, whether you need a CPA in Newark for a progressive and forward-thinking tax strategy, could benefit from outsourcing all your accounting to our firm, or need to maintain compliance with our payroll services, here’s what you can expect from the proactive and always-ready team at Doherty & Associates.
Simplifying Employee Tax Withholdings And Reporting
One of the more common mistakes new startups and small businesses make is improperly processing tax withholdings on payroll. Sometimes it’s merely an oversight. Other times, there’s a lack of understanding of the state and federal employee tax withholding guidelines and codes. Regardless of why, not properly accounting for payroll tax can cause several issues.
Most of these issues only materialize when processing end-of-year tax forms. For employers, it means having to explain to employees that an improper amount was withheld. Sometimes, that involves the employee having to pay the outstanding amount. It can quickly become an embarrassing headache and one that can be measured in lost time, increased costs, and lower employee morale. For new startups that experience tax withholding issues, it’s not uncommon for new employees to feel uncertain about their future. They can quickly begin to question you as an employer. That uncertainty can lead to that employee leaving simply because they’re concerned about your company’s ability to adhere to proper payroll management processes.
It’s not just about dealing with upset employees, but also about dealing with the fallout with state and federal tax authorities. Companies that don’t adhere to proper tax withholdings can quickly draw the ire of the IRS. That increased scrutiny can result in several additional costs.
Whether you made the deductions and didn’t submit them or simply made a mistake, the IRS is sure to question your end-of-year tax filings. That could include having an IRS audit. It could include them questioning all your financials or questioning and refusing certain tax deductions, regardless of how well-supported those deductions are.
In the best-case scenario, your company quickly resolves any payroll issues with the IRS. However, in the worst-case scenario, your company faces multiple legal issues. This can include fines from the IRS and state tax authorities. It can include numerous fines and penalties, including having a tax lien filed by the IRS or your state’s tax authorities.
Usually, companies that are improperly processing tax withholdings also fail to properly deposit those taxes with the IRS. If your Wilmington company is depositing tax withholdings monthly, then you’re required to deposit those taxes by the 15th of the next month. Failure to do this means your Wilmington company could face multiple fines. If your deposit is not received by the IRS within five days of the 15th of the following month, then your fine is 2%. If you’re up to 15 days late, then the fine increases to 5% and then 10% if that deposit is later than 15 days.
Ensuring Compliance With Local And Federal Regulations
So, how do the payroll services offered by Doherty & Associates make certain your Wilmington business never faces a fine or tax lien? More importantly, how do our online payroll services verify your employees never have to question you as an employer?
First, our payroll management services use the latest and most up-to-date accounting software. We adhere to Generally Accepted Accounting Principles (GAAP). We are payroll processing and management professionals, and make sure all our Wilmington companies have a payroll processing team available at a moment’s notice.
Second, we provide electronic pay stubs and direct deposit. We process quarterly and yearly payroll tax returns and take care of all W-2 and 1099 requirements. We help confirm your payroll taxes are deposited on time and strictly adhere to any monthly payment requirement. All this information is readily available as part of our payroll management services.
Third, we provide up-to-date, real-time, extremely accurate, and detailed accounting and payroll management services. That means you’re able to quickly review our detailed records. All Wilmington businesses value our detailed reporting and employee tax withholding information.
Doherty & Associates is also an enrolled IRS representative. This means we have a comprehensive understanding of IRS tax withholding requirements while also being able to handle any tax lien, dispute, or fine levied by the IRS. This means you have an experienced IRS representative who verifies total tax compliance. If you have a Wilmington business and need payroll services your company and employees can trust, contact us today!
How Are Payroll Errors Handled By Service Providers?
- Payroll service providers typically have error detection systems that catch common mistakes before processing.
- When errors occur, they quickly investigate and correct the issue, adjusting paychecks or tax filings as needed.
- Providers communicate with both the employer and employees to explain corrections and resolve concerns promptly.
- They may also implement preventative measures and additional checks to reduce future errors.
