GLENVIEW, Ill., Dec. 5, 2011 (GLOBE NEWSWIRE) -- SurePayroll, the online alternative in payroll services, today announced the launch of Officer-Only Payroll for S-Corporations. Officer-Only Payroll will help S-Corporations with no employees manage complex tax and reporting requirements and avoid potentially hefty fines.
"Small businesses should be able to focus on their area of expertise and not on the ever-changing tax and wage regulations, which is why we are proud to announce Officer-Only Payroll for S-Corporations. Officer-Only Payroll is set up to eliminate tax headaches and provide hassle-free tax filing and reporting that could potentially save thousands," said SurePayroll Vice President of Product Management Steve Kania. "Officer-Only S-Corporations must keep meticulous financial records to comply with government regulations and they can be at risk for major under-withholding penalties. We can now eliminate that risk and make accurate tax filing fast and easy."
Officer-Only S-Corporations typically pay out officers' salaries on an annual or quarterly basis. This is very different than a typical small business payroll and it can cause tax complications. In the United States, income tax must be paid when income is earned or received during the year. At least 90 percent of the income tax owed must be paid on a quarterly basis. Officer-Only Payroll files quarterly 941s instead of 1040 estimates so S-Corporations can avoid 2210 penalties for under-withholding and eliminate the risk of delayed or missing quarterly tax payments.
Supporting up to five officers, Officer-Only Payroll is provided at an affordable monthly subscription rate, making it easy for business owners to budget. The product offers numerous payroll frequency options and compensation reporting which includes year-to-date totals. In addition, quarterly 941 and annual 940 federal tax returns are filed automatically. The product also automatically prepares W-2 and W-3 forms, accurately reporting 2-percent shareholder insurance premiums paid or reimbursed as wages.
About SurePayroll
SurePayroll, The Online Alternative, is dedicated to providing a convenient and easy-to-use small business payroll service that keeps business owners in control. Over 30,000 customers rely on SurePayroll to process payroll on demand in as few as two minutes. In addition, SurePayroll offers efficient online solutions for managing 401(k) plans, health insurance, workers' compensation, employee screening and more. For accountants and banking partners, SurePayroll provides private-label and co-branded services that enable them to offer online payroll processing to their small business clients. The company has received numerous prestigious awards for its innovative technology, and outstanding customer service and sales teams, including recognition from PC Magazine, Accounting Today, the American Business Awards and many others. SurePayroll is a wholly owned subsidiary of Paychex. For more information, please visit http://www.SurePayroll.com.
About Paychex
Paychex, Inc. (Nasdaq:PAYX) is a leading provider of payroll, human resource, and benefits outsourcing solutions for small- to medium-sized businesses. The company offers comprehensive payroll services, including payroll processing, payroll tax administration, and employee pay services, including direct deposit, check signing, and Readychex®. Human resource services include 401(k) plan recordkeeping, section 125 plans, a professional employer organization, time and attendance solutions, and other administrative services for business. A variety of business insurance products, including group health and workers' compensation, are made available through Paychex Insurance Agency, Inc. Paychex was founded in 1971. With headquarters in Rochester, New York, the company has more than 100 offices serving approximately 564,000 payroll clients nationwide as of May 31, 2011. For more information about Paychex and our products, visit www.paychex.com.