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It is a challenge for both accountants and small business owners to keep abreast of the increasingly complex employee regulations and payroll tax laws. As depicted in the following diagram, payroll is a complicated process involving many areas where mistakes or errors can be very costly. As soon as a small business owner hires her first employee, the owner is faced with the same tax payment and tax filing requirements as larger companies. Complying with the laws and regulations is time consuming and challenging. In fact, it has been reported that 1 in 3 small businesses incur payroll penalties of $1,500 (average) each year!
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