Payrolls exceeding $100,000
Posted on December 12, 2011
When your company accumulates federal taxes of $100,000 or more on any day during a deposit period, the IRS requires us to deposit the tax on the next banking day, whether you are a monthly depositor or a semi-weekly schedule depositor.
To help expedite the next day payment of payroll taxes, Paycor offers a reverse wire method of funds transfer. With this service, Paycor will initiate the transfer of funds from your company's bank account to cover the total tax liability the day before the check date.
If you do not enroll in the reverse wire service, you will be required to contact your bank to initiate a manual wire transfer of funds for payroll taxes each time the federal liability exceeds $100,000. For Paycor to process payments in a timely manner, you must initiate a wire transfer of the tax funds to Paycor by 10:30 AM on the day prior to the check date.
A $25 wire transfer fee is charged for each manual or reverse wire transfer.
To begin the reverse wire setup, you should contact the Paycor Tax Department at email@example.com.