Starting a new business is a very exciting and busy time. There is so much to be done
and so little time to do everything and to make all the necessary decisions, let alone
stay current with the paperwork. That's where we can help. There are a variety of federal
and state forms and applications that will need to be completed to get your business
started.
Federal ID Number
Securing a federal ID number needs to be accomplished first since many other forms require
it. After form SS-4 is complete the IRS can be called to get your Federal ID#. After the
completed form is mailed to the IRS, you will receive federal tax coupons which are needed
for payroll tax deposits.
State Withholding, Unemployment, and Sales Tax
You will then need to fill out forms to establish your account with the State for payroll
tax withholding, Unemployment Insurance Registration, and sales tax collections (if
applicable).
Payroll Record Keeping
Payroll reporting and record keeping can be very time consuming and costly, especially if
not handled correctly. Let our expertise handle that part of your business so you can
concentrate on running your business. Also keep in mind, almost all employers will be
required to transmit their federal payroll tax deposits electronically. You should keep
personnel files for each employee. Included should be the employee's employment
application as well as the following:
W-4 Form - completed by the employee and used to calculate their federal income tax
withholding. Also includes necessary information such as address and social security
number.
I-9 Form - required to be completed by you, the employer, to verify employees have
permission to work in the U.S.