BMA Small Business Payroll Processing Leads the Way in Payroll Tax Fraud Prevention
BMA, a Small Business Payroll Processing (www.bookkeepingadmin.com/psm.html) company providing payroll processing and tax filing services to companies with 1 – 150 employees per FEIN has developed a 100 percent secure payroll processing platform, eliminating the possibility of payroll tax fraud.
Every year, countless numbers of businesses, who put trust in their payroll providers, have found out the hard way, just how vulnerable they are.
There is no regulation on payroll providers with regard to the tax funds they hold for payment on behalf of their clients. Payroll providers can do whatever they want with the funds, which can lead to serious trouble.
When payroll providers neglect to pay the payroll taxes that they with-draw from their client bank accounts, and put into their own interest bearing escrow accounts, (a process known as tax impounding) the results are devastating. Many businesses ultimately cannot recover and are forced to make extremely tough choices including closing shop or bankruptcy.
Greg Stappas, Managing Partner and Vice President of BMA, says “Clients do not sign over power of attorney with BMA’s payroll service, maintaining complete control over their hard earned funds and eliminating the process of tax impounding, which makes the client vulnerable to fraud.”
Most businesses do not even know they have been defrauded for 6 months and begin receiving notices from the IRS and state agencies demanding payment. The extent of the fraud can be more than double with interest and penalties when you factor in that the IRS and state agencies hold the tax payer responsible, not the payroll provider.
BMA Small Business Payroll Processing services (www.bookkeepingadmin.com/psm.html) are completely turnkey and tailored to the needs of each client. BMA processes payrolls for companies with 1 – 150 employees per FEIN providing 100% fraud protection. BMA recognized the tax fraud and penalty risk, which businesses are exposed to with the smaller fly-by-night payroll processing companies. BMA innovated the way payroll is processed by increasing security and lowering the extremely high costs businesses were unnecessarily paying with the big three payroll and tax filing companies.
BMA Small Business Payroll Processing is located at 760 Vanessa Lane, Neshanic Station, New Jersey 08853
For quotes on payroll processing services call (908) 369-6843 or email Paul@BMAPayroll.com