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The creation of a super agency to regulate banks is a beguilingly simple idea. Sen. Christopher Dodd, D-Conn., chairman of the Senate Banking Committee, recently sent up a trial balloon, giving the idea new life.

For years, offering payroll services to clients had been the proverbial double-edge sword.

1. What are the major current issues in payroll that accountants should be aware of?

In today's challenging economic environment, companies are increasingly looking for ways to bolster revenues, and for some accounting firms that means offering payroll services for clients.

1. What are the major current issues in payroll that accountants should be aware of?

1. What are the major current issues in payroll that accountants should be aware of?

1. What are the major current issues in payroll that accountants should be aware of?

Payroll has long been perceived as a chore. Employees need to be paid, necessary government forms have to be filed, and taxes have to be paid promptly. "Many mistakes happen due to the preparer simply not knowing the rules," said Michael Hoffman, CPA, of the New Jersey-based firm of WithumSmith+Brown.

Accounting professionals had traditionally avoided offering payroll as a service because the labor involved in payroll processing often took away from more profitable engagements. However, as the economy changed and payroll systems continued to improve, accounting firms have been re-evaluating their options regarding payroll - whether to offer it as a client service or refer it to a payroll specialist.

In a tough economy with a highly competitive market for accounting talent and the ever-increasing complexity of state and federal regulations, it is more important than ever for accounting professionals to examine their service offerings and clients' needs and expectations to find the best solution for their clients and their firms.