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OVERVIEW - TAX FILING & REPORTING
Tax Filing
Nearly all of our payroll clients also choose TruPay to handle their payroll tax payments and perform tax reporting to the appropriate tax authority. Managing multiple payroll cycles, multi-state filings, and keeping up with regulatory changes is the primary reason why. Tax processing involves severe penalties if payments are not processed and reported in a timely manner. Therefore, many clients make the wise decision to outsource their tax liability and filing requirements along with their payroll processing.
TruPay typically debits client accounts the day before check date to impound employer and employee payroll taxes, and then disburses them at the appropriate time to the correct federal, state, or local tax authorities - all on your behalf. If you ever receive a tax notice, it is forwarded to TruPay for problem resolution and handled for you. If TruPay makes an error, we will pay any penalty and interest expense on your behalf.
Whether your company operates in just one state or many, TruPay's experienced tax professionals are ready to manage the process of handling your deposit and filing requirements.
Tax Reporting within Payroll
As each payroll processing cycle is performed, the system generates tax liability transactions that include both employer and employee taxes, including all federal, state, and locality taxes. From a reporting point of view, you can review these on the last page of the Payroll Register report that comes back with each payroll.
One of the very nice features of our system is that we issue a report called the Statement of Filings and Deposits. This report will show you all debit activity to impound tax monies, and all deposits made on your behalf.
All of these capabilities are brought together so that you understand exactly where your company is with respect to tax processing.
