SOURCE: Genesis HR Solutions, Inc.

Genesis HR Solutions, Inc.

June 08, 2017 13:53 ET

Genesis HR Solutions Designated as a Certified Professional Employer Organization by the IRS

BURLINGTON, MA--(Marketwired - June 08, 2017) - Genesis HR Solutions, the largest accredited Professional Employer Organization (PEO) headquartered in New England announced today that it has been designated as a Certified Professional Employer Organization (CPEO) by the Internal Revenue Service (IRS). Notification was made on June 1, 2017 and is effective retroactive to January 1, 2017.

The IRS established this program as directed by the enactment of the Small Business Efficiency Act (SBEA) in 2014. Specifically, the SBEA provides the following regulations:

  • CPEOs are required to submit ongoing audits and bonding requirements to the IRS.
  • The CPEO becomes solely liable for the payment of client federal payroll taxes.
  • The CPEO is codified as a successor employer, which eliminates double taxation of FICA and FUTA taxes for businesses who partner with a CPEO after January 1 of a given tax year.
  • Businesses in a CPEO relationship are guaranteed access to specific federal tax credits.

"This designation is an important milestone for Genesis, the PEO industry and more importantly for our client business partners," said Robert Burbidge, Genesis Chief Executive Officer. "The PEO industry has been an important business service for the small business community for more than 30 years and passage of the SBEA is very significant."

About Genesis HR Solutions

Since 1991, Genesis HR Solutions has been a proven, regional HR partner that cares deeply about their client businesses and their employees. The company offers a complete range of solutions for businesses with 20 to 200 employees to manage human resources, control costs, retain good people, cope with regulation and achieve solid growth. Genesis' mission is to be an ideal HR partner and trusted advisor -- caring, responsive, expert, and integral to your success. Genesis HR Solutions strives to be the obvious choice for New England-headquartered small and medium sized businesses. Genesis also serves clients with employees in all 50 states, Canada, the United Kingdom and the European Union. The company has been accredited by the Employer Services Assurance Corporation (ESAC) since 1996.

The Internal Revenue Service does not endorse any particular certified professional employer organization. For more information on certified professional employer organizations, go to www.IRS.gov.

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