If you are interested in taking advantage of the Employee Retention Credit (ERC), you can contact your accountant to find out if you qualify for the benefit. Many small business owners find that it is cheaper to hire a payroll service rather than deal with the complicated requirements involved with filing their taxes. A payroll service can take care of this process for you.
A payroll service provider is usually an experienced business entity and can help you to file your taxes and pay your employees on time. It may seem like a lot of trouble, but a payroll service can save you money in the long run. It will reduce the possibility of late erc agrregation rules for nonprofits payments to your employees. In addition, it will save you a lot of time since they will handle all the details of payroll for you. You will no longer have to spend countless hours filling out forms, calculating salaries, and ensuring that all your taxes are paid on time. It is likely that you will also be saving time when you pay your payroll service.
If you choose to handle the payroll yourself, you will have to fill out several forms. Most companies will require you to fill out a Form SS-41, Notice of Employees Electing Retirement Annuity Benefits, and Form W-31, Application for Withholding and Collection of Income Tax From Nonresident Aliens and Foreign Corporations.