Getting to the Bottom Line

E04: Essential Payroll Insights with Charles Read from GetPayroll

June 12, 2024 Comments Off on E04: Essential Payroll Insights with Charles Read from GetPayroll

Episode Overview

In this episode of Getting to the Bottom Line, Stephanie Smith sits down with Charles Read, a CPA and founder of Get Payroll, to discuss the complexities of payroll and how it impacts business cash flow and compliance. Charles shares valuable insights on employee classification, payroll taxes, and the costly consequences of mistakes or noncompliance.

From understanding how to avoid penalties to navigating IRS disputes, Charles emphasizes the importance of outsourcing payroll to experts who can help businesses stay compliant and focus on their core operations. This episode is packed with practical advice for business owners looking to simplify payroll and avoid common pitfalls.

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Show Notes

In this episode of Getting to the Bottom Line, Stephanie Smith interviews Charles Read, CPA and founder of Get Payroll, about the critical role payroll plays in business operations and financial health. Charles shares his journey from military service to launching a payroll company, and he explains why proper payroll management is essential to staying compliant and avoiding costly penalties. From employee classification to payroll tax deposits, Charles provides actionable advice for business owners to streamline their payroll processes and focus on what they do best.

What You’ll Learn in This Episode:

  • The importance of correctly classifying workers as employees or independent contractors.
  • Why payroll taxes must always be paid on time and how failure to do so can lead to severe consequences.
  • How outsourcing payroll can save time, reduce errors, and mitigate compliance risks.
  • Tips for navigating IRS disputes, including when to appeal penalties and how to stay persistent.
  • The biggest payroll mistakes business owners make and how to avoid them.

Key Takeaways:

  • Misclassifying employees or failing to comply with payroll laws can result in significant penalties.
  • Always ensure payroll taxes are paid before paying employees to avoid personal liability.
  • The IRS makes millions of errors annually—appealing incorrect penalties is critical.
  • Outsourcing payroll can save money, time, and stress while ensuring compliance with ever-changing regulations.
  • Focus on what you do best and let payroll experts handle the complexities.

Resources Mentioned:

Don’t Miss Out!
If you’re overwhelmed by payroll or unsure about compliance requirements, Charles Read’s expertise can help you navigate the challenges and keep your business running smoothly. Tune in to gain valuable insights and learn how to avoid costly mistakes.