Payroll / Bookkeeping

Payroll

Payroll is often time-consuming and requires timely and accurate reporting. Processing payroll requires you to be up-to-date on new laws and regulations. We have found that many of our new payroll clients have been doing payroll incorrectly on their own. There are specific rules that need to be followed and specific deadlines at year-end.

We offer payroll services that can be tailored to fit your business needs through weekly, semi-monthly, and monthly payroll services. If you are an S Corporation we can sit down and determine the appropriate wage you should be paying yourself. Many S Corporation owners struggle with determining the appropriate wage they need to pay themselves. This is an important decision for every S Corporation. Using a CPA to consult on this topic will help you avoid issues with the IRS in the
future. Are those persons you are paying in your business independent contractors or employees? There are several differences between an independent contractor and employee and different rules and regulations associated with each one. At the end of each fiscal year, we can issue all of your W-2 and 1099 forms to your employees and independent contractors on time and accurately.

If you feel more comfortable keeping payroll services in-house, we can help you set up payroll in Quickbooks and train you on the Quickbooks payroll module. Payroll is a sensitive topic among your employees; we understand this and can walk you through the steps to accurately process payroll for your employees.

With payroll, you can always expect to enter the world of preparing quarterly payroll tax returns. We can prepare your monthly, quarterly, and annual tax forms including form 941 Employer Federal Tax Return, Labor and Industries, Employment Securities State Unemployment Insurance Report, and your annual form 940 Employer Federal Unemployment Tax Return. The quarterly payroll tax returns have specific filing and payment deadlines. As with all of our services at Tri-Cities Tax, we can do it all, or we can train and assist you with these returns.

Washington State B&O and Sales Tax

The State of Washington also has a combined tax return that must be filed on either a monthly, quarterly, or annual basis to the Department of Revenue. This return requires the payment of sales collections as well as a business and occupation tax based on the gross revenue from your business operations. The Department of Revenue has several different tax classifications based on the type of business operations you are performing. Our staff can help you identify your appropriate tax rate and assist you in completing and submitting this return in a timely manner.

Bookkeeping

We provide bookkeeping services to our clients in a timely and professional manner using our wide range of accounting knowledge and experience. Organized, accurate, and up-to-date financial records and statements allow businesses to operate more effectively. We have built a team of accountants that can tailor your accounting system to your needs.

Tri-Cities Tax has an experienced group of accountants with experience in a variety of industries. We can provide you with an accountant that will fit your industry and can perform your daily accounting and bookkeeping needs such as billing, invoicing, collection receivables, monthly reconciliations, and other required monthly reports. We can help your accounting division whether you are a small business just starting up operations or have been in business for several years, our accountants will fit your needs.

Our accountants have many years of experience with Quickbooks training and helping set up your Quickbooks. We can assist you in setting up your vendor and customer lists and automate payments through the invoicing system. We can also set up your chart of accounts and take your through Quickbooks payroll step by step. If you decide you do not want to deal with the aggravation and complexities of payroll and bookkeeping, our accountants can set everything up and perform the
services for you.

We offer a variety of services to clients that fit their needs. We can do as little or as much the client needs. We pride ourselves on knowing each one of our clients and providing them with bookkeeping services that they need.

Each one of our current clients has different needs for their respective industries. We have clients that we only need payroll services, other clients need only bookkeeping, some clients just need help with quarterly reports, while some just need us to be a phone call away for questions regarding Quickbooks, accounting, or taxes. We have clients where we act as their entire accounting department paying their bills, performing payroll services, monthly reconciliation, and daily bookkeeping. We can do it all or we can perform specific tasks where you might be lacking in knowledge or skill sets.

Bookkeeping and accounting can be a stressful and time-consuming task. We want to make your business succeed through our skilled professionals. We can do your bookkeeping or we can train one of your employees or yourself to do the bookkeeping in the house. We know small businesses need to watch their costs so we are willing to work with you to set up an advantageous accounting and bookkeeping process for your business.

Frequently Asked Questions on Tri-Cities Payroll and Bookkeeping Services

What are the different types of payroll services available, and how often do they need to be filed?

At Tri-Cities Tax and Accounting, we offer weekly, bi-weekly, semi-monthly, and monthly payroll services. The frequency of payroll depends on your business's needs, and we can help you determine the best option. Generally, payroll taxes must be filed and paid quarterly and annually.

Can you explain the difference between weekly, bi-weekly, semi-monthly, and monthly payroll services?

Weekly payroll means paying employees every week, bi-weekly payroll means every two weeks, semi-monthly payroll means twice a month, and monthly payroll means once a month. The main difference is how often you pay your employees. At Tri-Cities Tax and Accounting, we can help you choose the right option for your business.

How do I calculate and withhold federal and state taxes from my employees' paychecks?

Calculating and withholding taxes can be complex, but our experienced team at Tri-Cities Tax and Accounting can help. We use the latest technology to ensure accurate calculations and timely payments of payroll taxes to the appropriate government agencies.

What are the consequences of failing to file or pay payroll taxes on time?

Failing to file or pay payroll taxes on time can result in significant penalties and interest charges. At Tri-Cities Tax and Accounting, we can help you avoid these consequences by ensuring timely and accurate payroll tax payments.

How do I handle payroll for employees who work in multiple states?

Handling payroll for employees who work in multiple states can be challenging. Our team at Tri-Cities Tax and Accounting is experienced in managing payroll for businesses with employees in multiple states. We can help you navigate the complex tax laws and ensure compliance with all state and federal regulations.

Can you explain the bookkeeping and accounting process, and how it relates to payroll?

Bookkeeping and accounting are essential aspects of running a successful business. They help you manage your finances, make informed decisions, and stay compliant with tax laws. At Tri-Cities Tax and Accounting, we offer comprehensive bookkeeping and accounting services that can help you manage your finances and streamline your payroll process.

What are some common bookkeeping mistakes to avoid when running payroll?

Common bookkeeping mistakes include misclassifying employees, failing to keep accurate records, and not reconciling accounts regularly. At Tri-Cities Tax and Accounting, we can help you avoid these mistakes and ensure accurate record-keeping and reporting.

How can I ensure that my bookkeeping is accurate and up-to-date when it comes to payroll?

To ensure accurate bookkeeping, it's important to keep detailed records and reconcile accounts regularly. At Tri-Cities Tax and Accounting, we can help you set up a bookkeeping system that works for your business and ensure that your payroll records are accurate and up-to-date.

What is B&O tax, and how does it apply to my business?

B&O tax is a tax on the gross receipts of businesses in Washington State. The tax applies to all businesses, regardless of whether they are profitable. At Tri-Cities Tax and Accounting, we can help you understand the B&O tax and ensure compliance with all state tax laws.

How do I calculate and file sales tax, and what are the consequences of failing to do so?

Calculating and filing sales tax can be complex, and failing to do so can result in significant penalties and interest charges. At Tri-Cities Tax and Accounting, we can help you calculate and file sales tax accurately and on time, ensuring compliance with all state tax laws.