Episode description
Charles Read is the President and CEO of GetPayroll a firm that specializes in providing online payroll and payroll tax compliance services in US for 30-years and counting. Charles was previously appointed to the United States Internal Revenue Service Advisory Council (IRSAC), as one of only seven members chosen nationwide to serve on the prestigious committee in 2018 for a three-year term, and he is also one of 86 people in the last 16 years to pass the US Tax Court Non-Attorney Practitioners Examination, which enables him to represent clients in the US Tax Court without being an attorney.
In today’s episode, Charles’s tips include the benefits of hiring a payroll specialist, the common mistakes that entrepreneurs make in relation to payroll, and how one can avoid fraud being committed against their business.
Resources:
https://getpayroll.com/ - Need a payroll specialist? Why not get in touch with Charles at Get Payroll
https://thepayrollbook.com/ - For listeners in the United States, Charles will send you a free copy of his new book if you enter the code “TEDTEO” when checking out.
Actionable Take-aways:
1. Hiring a good payroll specialist can save you money by avoiding hefty financial penalties for late filings or misfilings.
2. Watch out for misclassification risks for your independent contractors. Consult your legal advisor or tax advisor to make sure you are properly classifying them and that are not considered employees.
3. Watch out for potential fraud that may be committed against your business. One way to reduce the occurrence fraud is to avoid using physical cheques and using an electronic direct deposit system for your payroll instead.