Milk & Honey Co.
Accounting & Advisory

Payroll Services

Payroll that keeps you out of Trust Fund trouble.

Overview

Payroll is where small businesses fall into their most expensive tax problems — late 941 deposits become personal Trust Fund liabilities under IRC §6672. We run bi-weekly, semi-monthly, and monthly payroll for employees and S-corp owner-employees, handle every federal and state deposit, and file all quarterly and annual payroll returns.

What's Included

  • Employee payroll with direct deposit and pay stubs
  • S-corporation owner-employee payroll with reasonable comp support
  • Federal 941/940 and Florida reemployment tax filings
  • W-2, W-3, and 1099-NEC year-end preparation
  • Federal Tax Deposit (FTD) scheduling to avoid TFRP exposure
Payroll Services FAQs

Frequently Asked Questions

Do I have to run payroll if I'm the only person in my S-corporation?

Yes — the IRS requires S-corp owner-employees to pay reasonable compensation via W-2 before taking distributions. Skipping payroll is one of the most common S-corp audit triggers.

How often do I have to deposit payroll taxes?

Most small employers are on a monthly deposit schedule (due by the 15th of the following month). Larger employers are semi-weekly. New employers default to monthly for their first calendar year.

What happens if I miss a payroll tax deposit?

Failure-to-deposit penalties range from 2% to 15% depending on lateness, plus interest. Sustained non-deposit triggers the Trust Fund Recovery Penalty — personal liability under IRC §6672. Don't let this drift.

Do you file Florida reemployment tax?

Yes. Florida employers file Form RT-6 quarterly for reemployment tax (Florida's version of state unemployment). We handle registration, quarterly filings, and rate management.

See our full Tax Resolution, Tax Prep & Bookkeeping FAQ.

Ready to talk about Payroll Services?

Call now for a free case review. We'll pull your transcripts and show you exactly what your options are.