NORMAN, Okla., June 13, 2017 /PRNewswire/ -- Established by the IRS under the Small Business Efficiency Act (SBEA), the CPEO program gives PEOs the opportunity to voluntarily apply for certification. This recognition from the IRS is a milestone for the PEO industry and their clients.
To become and remain certified, PEOs must meet rigorous tax compliance, background, experience, business location, financial reporting, bonding and other requirements.
"At Nextep, we're focused on elevating and enriching the employment experience," says President and CEO, Brian Fayak. "This certification supports our focus by offering clients greater financial protection and IRS-recognized tax advantages that go even beyond our Employer Services Assurance Corporation (ESAC) certification."
There are numerous benefits of working with a CPEO. CPEOs are subject to bonding, audits, and quarterly tax reporting and take on sole liability for client taxes. Clients of CPEOs are may also eligible for federal employment tax credits.
A significant advantage of IRS certification is that it limits double taxation, eliminating the wage base restart provision clients may experience when switching or onboarding with PEOs.
The IRS does not endorse any particular certified professional employer organization. For more information on certified professional employer organizations, please visit www.IRS.gov.
As a certified professional employer organization (PEO), Nextep provides comprehensive HR, benefits, payroll, and risk & compliance solutions for businesses throughout the United States. Through the PEO relationship, clients and their employees gain access to big-business benefits, technology, and support delivered by friendly experts. Nextep takes on the liability while clients maintain worksite direction and control, getting back to doing what they do best: growing their businesses.
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SOURCE Nextep, Inc.