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Year-End Tax Prep: Here’s How a PEO Can Help

It’s the most deadline-packed time of the year. You’re swamped with wrapping up open enrollment, budgeting and myriad other responsibilities, as the clock keeps ticking toward December 31. On top of it all, you need to handle those inevitable tax issues. If you’ve ever been fined for non-compliance, you’ve really felt the pain.

What’s an HR manager to do in order to maintain staff morale – not to mention their own sanity – and have time left over to actually relax a bit and enjoy the holidays?

Your PEO (professional employer organization) can be the gift you’ve been waiting for. And it keeps on giving year-round, helping your company manage payroll and related taxes, so you can focus on running your business.

  • This includes compliance needs for taxes, tax forms and reporting forms.
  • Your PEO can also handle actual payroll administration, along with other labor-intensive HR functions. Through the sharing of employer responsibilities that come with your PEO contract, you can leverage significant economies of scale.

Let Go of Administrative Legwork

Your seemingly endless list of tax and employee administrative tasks can be overwhelming. Your PEO can turn all this work into a single vendor solution.

  • According to one conservative estimate, PEO clients enjoy a 21 percent savings on overall HR administrative costs. For many businesses, the savings are much greater than this.
  • Your PEO provides single, streamlined processes for check and report generation, check signing, deductions and garnishments, direct deposits, web payroll entry, quarterly report preparation, tax remittance, year-end W2 completion, and accurate, timely payroll tax liability work.

Eliminate Paperwork Clutter

When it comes to tax filing, you can count on a mountain of paperwork, from new hire forms to time tracking and local, state and federally mandated items. And of course, the more people you employ, the more your paperwork backlog grows. Your PEO can help you eliminate this bottleneck by:

  • Handling filing deadlines including required filings for the Department of Labor and other ongoing demands.
  • Providing the latest technology to make all this possible; software and apps that enable you to reduce paperwork, save time and stay organized.

Stay Protected Against Risk

More than 33 percent of small businesses are fined every year for making payroll mistakes. For a company of any size, compliance can be very complicated. PEOs are experts in keeping costs to a minimum and ensuring all year-end paperwork is properly filed.

  • Do you have employees from multiple states? In this case, your PEO can help ensure you keep up with changing laws and regulations across those geographic lines.

Partner with Lyons HR!

Lyons HR is an ESAC-accredited PEO with experts who are familiar with your specific industry. This enables us to serve as a true strategic partner in anticipating and resolving your business tax issues, both during December crunch time and throughout the calendar year. Read our related posts or contact us today to learn more.