Payroll Services

However, there is a solution for a busy business owner.

Hiring a payroll consultant to handle payroll check processing, tax payment calculations and submissions, wage garnishment, annual tax compliance filings, W2/1099 processing, and more.

As a Chicago payroll service provider, TAXFLO can help save business owners like yourself time, money, and effort. 

There are multiple reasons why you might opt to hire a payroll processing consultant for your business.

And if you own a business in Chicago, Illinois or the surrounding areas, working with a payroll company or payroll accountant who understands the local business climate and regulations may literally pay off in the long run. 

Why Hire A Payroll Service in Chicago? 

First, outsourcing payroll to a professional with core competencies will save time.

Processing payroll involves numerous tasks such as calculating wages, withholding taxes, and distributing paychecks. Outsourcing this function to a payroll processing service saves time, allowing you to focus on more strategically valuable business activities.

Second, accurate payroll processing is absolutely vital to the health and success of your business. And payroll processing can be complex, with various tax regulations and deductions to consider.

As a payroll service provider, TAXFLO help ensure accurate calculations, therefore reducing the risk of errors and potential penalties for non-compliance.

As your payroll consultant, TAXFLO will also conduct regular compliance audits to ensure that you are on the right side of things in the windy city and elsewhere, legally. 

Which brings us to the third reason that hiring a payroll consultant is essential.

Chicago tax laws and regulations frequently change, making it challenging for business owners to stay up to date and maintain accuracy.

Payroll processing services help you stay on top of these changes and ensure that payroll processes comply with the latest regulations, reducing the risk of non-compliance penalties.

Hiring a payroll service company is often more cost-effective than doing things in-house as well.

While there are fees associated with outsourcing payroll, it can be more efficient and lower-risk than hiring and training in-house staff to handle payroll tasks.

That’s because hiring outside expertise mitigates the risk of costly errors that could arise from inexperienced staff managing payroll processes.

As a Chicago-based certified public accountant (CPA) who understands the ins and outs of payroll management, working with me gets you — the business owner — access to this expertise without the need to invest in training your existing staff members (or learning yourself), or hiring specialized employees internally. 

As your business grows, TAXFLO helps you scale your payroll processing capabilities with the size and needs of your workers, so you can focus on growing your company without being overly burdened by payroll administration.

Specialized payroll consultants also maintain robust security measures, which is necessary information when handling sensitive payroll data.

This protects employee information and minimizes the risk of data breaches, fraud, identity theft, and other disasters that could threaten the financial health of your business. 

Why Engage a Certified Payroll Consultant in Chicago?

As a certified payroll service consultant, I provide documentation certifying that your company’s payroll records meet the requirements of prevailing wage laws.

This documentation typically includes details such as the hours worked by each employee, the wages paid, fringe benefits provided, and other relevant information.

Perhaps most importantly, TAXFLO offers auditing support and peace of mind in the event of an IRS or other government agency audit in Chicago (or elsewhere).

TAXFLO can help you verify compliance systems with prevailing wage laws in Chicago or the relevant areas and provide accurate and detailed payroll records to help facilitate and streamline the audit process. 

Furthermore, as a certified payroll consultant, TAXFLO will help you engage with experts who possess in-depth knowledge of local wage laws and related regulations (including union regulations and bylaws if applicable), ensuring that your business stays above board.

TAXFLO can help you remain compliant and navigate various complex and ever-evolving requirements of payroll taxation and processing.

If relevant, TAXFLO can also help you set up and integrate your company’s payroll with various accounting solutions, making it easier for you to track labor costs, allocate expenses, and maintain accurate financial records.

TAXFLO is also a full-service accounting firm that offers bookkeeper services, tax preparation, and small business consulting services.

Payroll Chicago — For Payroll Check Processing 

Every city, state, and county has their own unique codes and regulations for processing payroll, tax filing, and processing W2s, 1099s, and more. Of course, Chicago, Illinois, and the associated counties are no exception! 

A payroll check processing company specializes in handling various aspects of payroll for businesses in Chicago and understands the local and state laws as they apply to businesses like yours.

This goes doubly so if you employ union workers, since there are specific requirements that a union payroll processing service can help you adhere to. 

For instance, union dues and other benefits need to be deducted; this gets complicated in general but particularly if you have some employees who are union workers and some who are not.

Using a payroll consultant in Chicago who understands the intricacies of the local unions, their rules when it comes to time tracking and pay scale differences, and more is invaluable. 

In general, ensuring that you have timely and accurate payroll processing is one of the main reasons to engage a local contributes to employee satisfaction.

Outsourcing check processing to a reliable payroll company ensures that employees are paid correctly and on time, enhancing morale and reducing turnover. 

Using a payroll check processor ensures that your employee wages — salaries, bonuses, and deductions — are properly calculated based on the information provided. 

What’s more, as your payroll check processing consultant, TAXFLO will ensure that the correct amount of taxes for each worker is withheld from their paychecks, including federal, state, and local taxes.

TAXFLO will also handle tax reporting requirements, such as filing W-2 forms at the end of the year. 

Many employees prefer direct deposit of their paychecks versus physical printed copies.

In that regard, TAXFLO can help facilitate direct deposit of employee paychecks into their bank accounts and/or print physical paychecks for distribution.

TAXFLO will help you stay up to date with changes in labor laws, tax regulations, and payroll-related compliance issues to ensure that my clients remain compliant with all relevant laws and regulations.

Ensuring that you have proper record keeping in place is another reason to use a payroll service that can handle check processing and other aspects of running payroll for your business.

For instance, maintaining records of payroll transactions, tax filings, and other relevant documents for our clients is an essential aspect of our tax services; in addition, TAXFLO will provide customer support to you (the employer) and your employees for any payroll-related questions or issues that may arise.

Overall, using a payroll accounting service or check processing company can offer numerous benefits to business owners, allowing them to streamline operations, reduce costs, and ensure accuracy as well as compliance with regulations.

Chicago Payroll Company — For Wage Garnishment Submission

As your payroll consultant, TAXFLO typically handles wage garnishment submissions by following a set of steps to ensure compliance with legal requirements and to facilitate the process as smoothly and painlessly as possible.

If you have an employee with a wage garnishment order from the Illinois State court or other authorized entity, this order will specify the amount to be withheld from the employee’s wages along with any other relevant details.

As a CPA responsible for payroll including wage garnishment orders, TAXFLO will verify the accuracy of the order and ensure it contains the correct employee information, including their full name, Social Security number, and the amount to be withheld.

Assuming accuracy, the deductions per pay period are calculated and the amount is entered into the payroll system.

TAXFLO will also communicate with the affected employee regarding their garnishment and how it will affect their paycheck, along with providing guidance and addressing any concerns or questions the affected employee may have (and point them to the relevant experts or authorities when applicable).

The actual withholding and remittance is also your payroll service consultant’s responsibility; on each payday TAXFLO will ensure the correct amount is withheld from the employee’s wages as per the garnishment order, then ensure that those funds are remitted to the appropriate entity or creditor as required by law. 

As your payroll service provider, TAXFLO is also responsible for keeping accurate records of all wage garnishment-related transactions, including copies of the garnishment order, deduction amounts, and remittance details.

This is for compliance and auditing purposes. 

Monitoring the wage garnishment order and making the necessary updates are all part of a payroll processor’s job.

After all, wage garnishment orders may change over time due to various factors such as adjustments in the amount owed or changes in the employee’s financial situation.

TAXFLO will regularly monitor for any updates or changes to garnishment orders and adjust the payroll accordingly.

In addition, I ensure that the company remains compliant with all legal requirements related to wage garnishment, including reporting requirements to the appropriate authorities.

Careful attention to detail, accuracy, and compliance to ensure that both the employer and the employee fulfill their legal obligations when wage garnishment orders and submissions are necessary; working with an experienced payroll consultant will help you ensure your company is doing their due diligence in this regard. 

Payroll Service Illinois — For Tax Payment Calculations and Submissions 

As a payroll service consultant, TAXFLO will play a critical role in handling tax payment calculations and submissions, specifically as they relate to payroll taxes. 

This starts from the beginning, since payroll processing involves collecting relevant payroll data for each tax period; this encompasses information like employee wages, salaries, bonuses, commissions, and any other compensation. 

Based on this data, TAXFLO will calculate the assorted payroll taxes which must be withheld from employee wages and paid by the employer, such as federal income tax, state income tax, Social Security tax (FICA), Medicare tax, and other applicable Illinois state tax, Chicago tax, or other local taxes.

These amounts are then withheld from employee paychecks or direct deposits based on federal and Illinois state tax withholding tables.

This is also when any additional withholding allowances claimed by employees are made.

In addition to withholding the aforementioned amounts, as your payroll accountant TAXFLO will calculate and track the share of payroll taxes that you’re responsible for as the employer, including that portion of Social Security and Medicare taxes.

Payroll service companies also prepare and remit payroll tax deposits to the appropriate Illinois state and federal tax authorities.

Typically these deposits are made on a monthly or semi-weekly basis, depending on your tax deposit schedule as the employer. 

Another aspect of the services TAXFLO provides as a Chicago area payroll processor is the preparation and filing of various tax forms required by federal, Illinois state, and local Chicago tax authorities.

This includes forms such as Form 941 (Employer’s Quarterly Federal Tax Return), Form 940 (Employer’s Annual Federal Unemployment Claims Tax Return), and state-specific payroll tax forms.

Adhering to applicable Illinois state and federal tax laws and regulations and keeping detailed records is another key area of making payroll tax payment calculations and submissions. 

By staying up to date with any changes in tax laws and regulations (thus ensuring ongoing compliance) and maintaining precise records of payroll tax transactions like tax calculations, tax deposits, and filed tax forms.

These records are essential for auditing purposes and to demonstrate compliance with tax requirements.

In the event of an inquiry or payroll tax audit, your payroll service provider can be your best friend.

As a payroll accountant, TAXFLO is responsible for responding to inquiries from tax authorities and assisting with payroll tax audits, and I provide detailed documentation and explanations as necessary in order to help you address any questions or concerns brought up by the Illinois state or federal tax authorities. 

Overall, as your payroll accountant, TAXFLO will play a vital role in ensuring that your business’s payroll taxes are calculated accurately, withheld correctly from employee wages, and remitted to the appropriate tax authorities in a timely manner, while also ensuring compliance with Chicago, Illinois, and U.S. federal tax laws and regulations.

Payroll & Payroll Taxes for Small Business Owners — For Monthly, Quarterly, and Annual Tax Compliance Filings 

If you have employees or workers that are part of a regular payroll or even long term contractors, your business needs to make monthly, quarterly, and annual tax compliance filings.

TAXFLO helps with online payroll services for small business owners in the Chicago IL area.

As your payroll service provider, TAXFLO will help make this process as expedient as possible by following a structured process to ensure timely and accurate submission of required tax forms and payments. 

Monthly tax compliance filings involve calculating and withholding payroll taxes from the employees’ wages for each month, preparing and submitting monthly tax deposits to the appropriate Illinois state and federal tax authorities.

This includes federal taxes (Form 941, the Employer’s Quarterly Federal Tax Return), Illinois state taxes, and local Chicago taxes as applicable. 

Like monthly tax compliance filings, quarterly tax compliance filings involve reviewing and reconciling payroll data for the quarter, ensuring accuracy and wholeness.

Then your payroll solutions tax accountant prepares and submits the quarterly tax deposits, which include any additional taxes or adjustments based on changes in payroll or tax rates. Form 941 and the relevant Illinois state and Chicago local tax forms are also used here.

Annual tax compliance filings may get a little more complicated.

As your payroll accountant, TAXFLO will compile your year-end payroll data, including total wages, any tax allowances withheld, and employer contributions.

Your payroll consultant is also the one who prepares and distributes IRS W-2 forms to your employees.

These report their annual earnings and tax deductions for the relevant calendar year.

TAXFLO will also file annual tax forms with the appropriate tax authorities on your or your business’s behalf. This often includes form 910 (Employer’s Annual Federal Unemployment Tax Return), Form W-3 (Transmittal of Wage and Tax Statements), and any Illinois state-specific tax forms.

The annual tax compliance processing also demands the reconciliation of payroll data for the entire year, ensuring consistency between quarterly and annual filings. 

Throughout the entire set of monthly, quarterly, and annual tax compliance filing processes, I also ensure compliance with all relevant tax laws and regulations, staying up-to-date with changes in tax rates, withholding requirements, and reporting obligations.

TAXFLO will also maintain accurate records of all payroll transactions, tax filings, and correspondence with tax authorities for auditing and compliance purposes.

Additionally, as your payroll accountant, TAXFLO will offer guidance and support to you, the employer, on any tax-related matters, such as tax planning strategies, compliance issues, and responding to inquiries or audits from tax authorities.

Our number one goal is to ensure that all annual, quarterly, and monthly payroll tax compliance filings are completed accurately, on time, and in complete compliance with applicable laws and regulations.

Certified Payroll Services — For W2 and 1099 Processing 

As your payroll service provider, TAXFLO will handle W-2 and 1099 processing for Chicago businesses like yours by following a structured process that ensures accurate preparation and timely distribution of essential tax forms to your employees and contractors. 

Online Payroll Services – For W-2 Processing

If you have W-2 employees, as your payroll processor TAXFLO is responsible for collecting employee data like names, addresses, Social Security numbers, wages, tax withholdings, and other relevant information for each tax year. 

From there, TAXFLO can calculate each employee’s wages, salaries, bonuses, and other compensation earned during the tax year.

TAXFLO will also calculate withholdings for federal income tax, Social Security tax, Medicare tax, and any other applicable taxes or deductions.

TAXFLO will then verify the accuracy of the employee data and tax calculations to ensure compliance with tax laws and regulations.

The next step is using the gathered data and calculations to prepare W-2 forms for each employee who worked for your business at any point during the relevant calendar year.

These required forms summarize an employee’s annual earnings and tax withholdings for the tax year.

From there, TAXFLO will distribute W-2 forms to your employees either electronically or via physical mail, depending on the employee’s preference and local or state regulatory requirements.

Furthermore, as a small businesses payroll consultant, TAXFLO will also file those W-2 forms with the Internal Revenue Service (IRS) prior to the deadline, typically by the end of January following the tax year (so January 2024 for tax year 2023, for example).

This involves submitting copies of the W-2 forms along with a transmittal form, such as Form W-3, to the IRS.

Chicago Payroll Services – For 1099 Processing

But what if your business also or only employs contractors, who need Form 1099 to properly file their taxes?

The start of the process is similar in that as your payroll service provider, TAXFLO will collect your contractors’ data like names, addresses, Taxpayer Identification Numbers (TINs), and the total payments your business made to each contractor during the applicable tax year. I verify the accuracy of the contractor data and payment information to ensure compliance with tax laws and regulations.

From that information, TAXFLO will identify payments made to contractors that are reportable on Form 1099, such as payments for services, rents, royalties, or other income.

Once all of that data is collected and verified, TAXFLO will prepare Form 1099 for each contractor.

They use these forms to report the income they earned throughout the year to the relevant Illinois state and federal tax authorities.

As your payroll service provider, TAXFLO will distribute the 1099s to your contractor either electronically or via physical mail, depending on their preferences and any applicable regulatory requirements. 

TAXFLO will also file the 1099 forms with the IRS before the deadline, typically by the end of January following the tax year. This involves submitting copies of the 1099 forms along with a transmittal form, often Form 1096, to the IRS.

Throughout the entire process, TAXFLO will serve as your payroll tax consultant and ensure compliance with tax laws and regulations governing W-2 and 1099 reporting.

TAXFLO will stay updated on any changes to reporting requirements, and provide guidance to you, the business owner, to help you properly meet their tax obligations accurately and efficiently, minimizing liabilities and planning advantageous tax strategies. 

Engaging  the best payroll service provider near you in Chicago, Illinois is perhaps one of the most valuable business decisions you’ll ever make.

Accurate and timely payroll processing is critical to your business’s financial health, your peace of mind, and employee morale —  several elements that often go hand in hand. 

Whether you are a small business owner who’s recently hired their first team or you are responsible for managing a larger team, working with a local CPA and one of the leading payroll providers can help you take your business to the next level.