COMPLIANCE WITH THE STATE
Compliance with the State
The TaxTactics firm has a constantly developing extensive payroll compliance audit program. Our separate staff of payroll compliance auditors, residing in our offices, is specifically dedicated towards performing the audit services.
We have developed our services by obtaining a deep understanding of the status quo and local laws. We are also aware of Taft-Harley Plans, which amplifies our services.
The significance of Payroll Audits
Payroll audit is an analysis of a corporation’s corresponding payroll processes. It recognizes compliance problems regarding employment laws, verifies tax withholdings, points out human errors, and keeps payroll scam at bay. Therefore, it is significant to frequently perform a payroll audit.
According to The Employee Retirement Income Security Act of 1974 (ERISA), all employee legally requires benefit plan administrator to collect the contributions which are due to the respective fund. Any lawless contribution is deemed as a prohibited advance of credit to a party-in-interest to ensure your organization is completely legally compliance.
Note: Get the Best Payroll Compliance Audit Services Near Me
The U.S. Department of Labor Prohibited Transaction Class Exemption 76-1 exempts extension, settlement, or non-collection of delinquent contributions from being regarded as prohibited. This statement only holds true if a reasonable, systematic, and diligent effort is made in collection of the contributions. Payroll compliance audits are generally seen as a perfect fit for compliance with the class exemption