How to Avoid Costly Mistakes in Payroll and Taxes: IRS insider & CPA Charles Read

Episode 76  Frederick Dudek (Freddy D) Copyright 2025 Prosperous Ventures, LLC How to Avoid Costly Mistakes in Payroll and Taxes: IRS insider & CPA Charles Read Today, we’re diving into the world of payroll and taxes with Charles Read, a certified public accountant and the founder of Get Payroll. Charles packs decades of experience under his belt, and he’s here to shine a light on the crucial aspects of managing payroll for small to medium-sized businesses. One of the key takeaways from our chat is that many business owners don’t realize how vital it is to get their payroll setup right—misclassifications and filing errors can lead to hefty IRS penalties that could sink your business. Charles breaks down complex topics and shares practical strategies to help avoid these pitfalls while keeping you compliant with ever-changing tax laws. Whether you're a budding startup or a seasoned business owner, this episode is packed with insights that could save you time, money, and a whole lot of stress.Discover more with our detailed show notes and exclusive content by visiting: https://bit.ly/42G6TvXKindly Consider Supporting Our Show: Support Business Superfans®: The Service Providers Edge Charles Read, an accomplished CPA and payroll expert, shares invaluable insights designed to guide small and mid-sized business owners through the often-confusing maze of payroll and tax regulations. With a background that includes over 50 years in finance and a stint as a U.S. Tax Court Practitioner, Reed's perspective is both broad and deep. He dives into the common misconceptions held by many business owners, particularly the dangerous assumption that cash flow is synonymous with profitability. He explains that without a firm grasp of financial statements, entrepreneurs risk overlooking critical indicators of their company's health. Reed’s philosophy emphasizes that understanding one's financial position is not just a matter of good practice; it’s essential for survival in the competitive business landscape. In a candid discussion, Read reveals the stark realities of payroll management, particularly the high stakes involved in misclassifying employees. He emphasizes that failing to properly classify workers can expose businesses to severe penalties, putting their very existence at risk. Drawing from his extensive experience, Reed outlines key strategies for maintaining compliance and avoiding the costly mistakes that plague many small businesses. He advocates for regular consultations with CPA professionals who can provide the necessary expertise to navigate these complex waters, thereby empowering business owners to make informed decisions. The episode culminates with Read making a strong case for outsourcing payroll management. He argues that professional payroll services not only alleviate the administrative burden on business owners but also offer a level of expertise and security that in-house solutions often lack. By outsourcing payroll, businesses can focus on their core operations and growth strategies, instead of getting bogged down with the intricacies of tax compliance. Reed's final thoughts inspire listeners to rethink their approach to payroll as a strategic element of their business, rather than merely a clerical task, ultimately paving the way for enhanced operational efficiency and profitability. Mailbox Superfans This podcast is hosted by Captivate, try it yourself for free. Takeaways: Charles Reed emphasizes the importance of understanding payroll tax obligations to avoid costly penalties, which can severely impact small businesses. Small and medium-sized

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