GVHR » Topics » We may make errors and omissions in performing our services, which could subject us to losses and fines and harm our reputation.

These excerpts taken from the GVHR 10-K filed Mar 16, 2009.

We may make errors and omissions in performing our services, which could subject us to losses and fines and harm our reputation.

 

Our payroll processing and related administrative services are subject to various risks resulting from errors and omissions in filing tax returns covering employment-related taxes, paying tax liabilities with respect to those returns, transmitting funds to benefit plans, billing clients and paying wages to our clients’ employees. Tracking, processing and paying such amounts and administering retirement and other benefit plans is complex. Errors and omissions have occurred in the past and may occur in the future in connection with these services. We and our clients are subject to cash penalties imposed by tax authorities for late filings or underpayment of taxes or required plan contributions. We may also transfer to or withdraw funds from the wrong party in error or transfer or withdraw incorrect amounts and may not be able to correct the error or retrieve the funds. These penalties could, in some cases, be substantial and could harm our business and operating results. Our human resources consulting services also entail the risk of

 

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errors and omissions. Additionally, our failure to fulfill our obligations under our professional service agreements could harm our reputation, our relationship with our clients and our ability to gain new clients.

 

If we are determined not to be an “employer” pursuant to applicable ERISA and IRS rules and regulations, we may be subject to additional regulations and liabilities.

 

If it is determined that we are not the “employer” for purposes of ERISA or the Code, we could be subject to liabilities, including penalties, with respect to our cafeteria benefits plan operated under Section 125 of the Code, as amended, for failure to withhold and pay taxes applicable to salary deferral contributions by our client employees. As a result of such a finding, we and our plans may not enjoy, with respect to our client employees, the preemption of state laws provided by ERISA, and we could be subject to additional varying state laws and regulation, as well as to claims based upon state common law.  In addition, if it were determined that we are not an “employer” for purposes of IRS rules and regulations we may be unable to either make certain payroll tax payments or take certain tax credits which could have a material adverse impact on our results of operations, financial condition and cash flows.

 

We may make errors and omissions in performing our services,
which could subject us to losses and fines and harm our reputation.



 



Our payroll processing
and related administrative services are subject to various risks resulting from
errors and omissions in filing tax returns covering employment-related taxes,
paying tax liabilities with respect to those returns, transmitting funds to
benefit plans, billing clients and paying wages to our clients’ employees.
Tracking, processing and paying such amounts and administering retirement and
other benefit plans is complex. Errors and omissions have occurred in the past
and may occur in the future in connection with these services. We and our
clients are subject to cash penalties imposed by tax authorities for late
filings or underpayment of taxes or required plan contributions. We may also
transfer to or withdraw funds from the wrong party in error or transfer or
withdraw incorrect amounts and may not be able to correct the error or retrieve
the funds. These penalties could, in some cases, be substantial and could harm
our business and operating results. Our human resources consulting services
also entail the risk of



 



21
















Table of Contents



 



errors and
omissions. Additionally, our failure to fulfill our obligations under our
professional service agreements could harm our reputation, our relationship
with our clients and our ability to gain new clients.



 



If we are determined not to be an “employer”
pursuant to applicable ERISA and IRS
rules and regulations, we may
be subject to additional regulations and liabilities.



 



If it
is determined that we are not the “employer” for purposes of ERISA or the Code,
we could be subject to liabilities, including penalties, with respect to our
cafeteria benefits plan operated under Section 125 of the Code, as
amended, for failure to withhold and pay taxes applicable to salary deferral
contributions by our client employees. As a result of such a finding, we and
our plans may not enjoy, with respect to our client employees, the preemption
of state laws provided by ERISA, and we could be subject to additional varying
state laws and regulation, as well as to claims based upon state common
law.  In addition, if it were determined
that we are not an “employer” for purposes of IRS rules and regulations we
may be unable to either make certain payroll tax payments or take certain tax
credits which could have a material adverse impact on our results of
operations, financial condition and cash flows.



 



We may make errors and omissions in performing our services,
which could subject us to losses and fines and harm our reputation.



 



Our payroll processing
and related administrative services are subject to various risks resulting from
errors and omissions in filing tax returns covering employment-related taxes,
paying tax liabilities with respect to those returns, transmitting funds to
benefit plans, billing clients and paying wages to our clients’ employees.
Tracking, processing and paying such amounts and administering retirement and
other benefit plans is complex. Errors and omissions have occurred in the past
and may occur in the future in connection with these services. We and our
clients are subject to cash penalties imposed by tax authorities for late
filings or underpayment of taxes or required plan contributions. We may also
transfer to or withdraw funds from the wrong party in error or transfer or
withdraw incorrect amounts and may not be able to correct the error or retrieve
the funds. These penalties could, in some cases, be substantial and could harm
our business and operating results. Our human resources consulting services
also entail the risk of



 



21
















Table of Contents



 



errors and
omissions. Additionally, our failure to fulfill our obligations under our
professional service agreements could harm our reputation, our relationship
with our clients and our ability to gain new clients.



 



If we are determined not to be an “employer”
pursuant to applicable ERISA and IRS
rules and regulations, we may
be subject to additional regulations and liabilities.



 



If it
is determined that we are not the “employer” for purposes of ERISA or the Code,
we could be subject to liabilities, including penalties, with respect to our
cafeteria benefits plan operated under Section 125 of the Code, as
amended, for failure to withhold and pay taxes applicable to salary deferral
contributions by our client employees. As a result of such a finding, we and
our plans may not enjoy, with respect to our client employees, the preemption
of state laws provided by ERISA, and we could be subject to additional varying
state laws and regulation, as well as to claims based upon state common
law.  In addition, if it were determined
that we are not an “employer” for purposes of IRS rules and regulations we
may be unable to either make certain payroll tax payments or take certain tax
credits which could have a material adverse impact on our results of
operations, financial condition and cash flows.



 



These excerpts taken from the GVHR 10-K filed Mar 17, 2008.

We may make errors and omissions in performing our services, which could subject us to losses and fines and harm our reputation.

        Our payroll processing and related administrative services are subject to various risks resulting from errors and omissions in filing tax returns covering employment-related taxes, paying tax liabilities with respect to those returns, transmitting funds to benefit plans, billing clients and paying wages to our clients' employees. Tracking, processing and paying such amounts and administering retirement and other benefit plans is complex. Errors and omissions have occurred in the past and may occur in the future in connection with these services. We and our clients are subject to cash penalties imposed by tax authorities for late filings or underpayment of taxes or required plan contributions. We may also transfer to or withdraw funds from the wrong party in error or transfer or withdraw incorrect amounts and may not be able to correct the error or retrieve the funds. These penalties could, in some cases, be substantial and could harm our business and operating results. Our human resources consulting services also entail the risk of errors and omissions. Additionally, our failure to fulfill our obligations under our professional service agreements could harm our reputation, our relationship with our clients and our ability to gain new clients.

We may make errors and omissions in performing our services, which could subject us to losses and fines and harm our reputation.





        Our payroll processing and related administrative services are subject to various risks resulting from errors and omissions in filing tax returns covering
employment-related taxes, paying tax liabilities with respect to those returns, transmitting funds to benefit plans, billing clients and paying wages to our clients' employees. Tracking, processing
and paying such amounts and administering retirement and other benefit plans is complex. Errors and omissions have occurred in the past and may occur in the future in connection with these services.
We and our clients are subject to cash penalties imposed by tax authorities for late filings or underpayment of taxes or required plan contributions. We may also transfer to or withdraw funds from the
wrong party in error or transfer or withdraw incorrect amounts and may not be able to correct the error or retrieve the funds. These penalties could, in some cases, be substantial and could harm our
business and operating results. Our human resources consulting services also entail the risk of errors and omissions. Additionally, our failure to fulfill our obligations under our professional
service agreements could harm our reputation, our relationship with our clients and our ability to gain new clients.





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