What do 87,000 new IRS employees mean for your payroll taxes? Simply put, things are about to get a lot more complicated.
Understanding the New Inflation Reduction Act
To help build the economy and reduce inflation impacts, President Joe Biden signed the Inflation Reduction Act on August 19, 2022.
Targeting small businesses, an extra $80 billion is going towards the IRS to help target under-reported income, especially among small business owners. This funding is going to employ 87,000 new IRS employees.
The Goal of the Inflation Reduction Act
According to reports, small businesses that make less than $200,000 each year will account for up to 90% of the $200 billion estimated collection from the IRS from the passing of this legislation.
What This Means for Your Payroll
Running payroll correctly the first time has become the highest priority for business owners with small businesses being the target of the latest legislation. Thankfully, Primary Payroll is the best payroll company in Long Beach.
It’s Time to Hire a Payroll Service
You can begin to automate the processing of a multitude of business essentials by hiring a payroll service, such as Primary Payroll, including:
- Payroll calculations
- Check processing
- Direct deposit
- Payroll tax filings
- Quarterly and year-end tax filings
- … and more
Many companies opt for using payroll services because it helps employers meet required filing deadlines and streamline general business operations.
Why Choose Primary Payroll Services
Primary Payroll Services is a smaller company, which means we have the luxury of dedicating ourselves wholly to our clientele rather than getting lost in the shuffle with the larger corporations. At Primary Payroll Services, you will always receive our highest levels of customer service.
Let our payroll experts at Primary Payroll Services assist you with selecting the right payroll services for your business needs. Call us at 562-595-0066 or request a free quote online.
