723531--7/20/2007--PAYCHEX

related topics

{operation, international, foreign}

{regulation, change, law}

{cost, contract, operation}

{product, market, service}

{financial, litigation, operation}

{cost, operation, labor}

{acquisition, growth, future}

We may not be able to keep pace with changes in technology: We may not realize the anticipated benefits from acquisitions: We may have an adverse outcome of legal matters, which could harm our business: We may experience a loss as the result of our clients having insufficient funds to cover payments we have made on their behalf to applicable tax or regulatory agencies and employees: Our interest earned on funds held for clients may be impacted by changes in government regulations mandating the amount of tax withheld or timing of remittance: We may be exposed to additional risks related to our co-employment relationship within our PEO business: We may be exposed to additional risks related to foreign operations as a result of our business in Germany:

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723531--7/20/2007--PAYCHEX_INC