Setting up a New Business? Five Important Things You Must Be Aware of
Five Things You Must Be Aware of....
Setting up a new business can be overwhelming. You are required to do a lot of work in short time frame, make important decisions, stay current with the paperwork. Many federal and state forms need to be completed to commence your business. This is where we can assist you.
Employer Identification Number (Federal ID Number)
Employer Identification Number (EIN) is important since many forms require you to display this number. EIN can be obtained by filling out Form SS?4. Once SS?4 is submitted to the IRS, you will receive payroll coupons which are required for various federal tax payments.
State Withholding, Unemployment and Sales Tax
You should establish account with the state regarding tax withholding, Unemployment Insurance and sales tax. (if applicable)
Payroll Record Keeping
Payroll reporting can be time consuming process. If not done correctly, this could result in severe penalties and interests. For this reason, we recommend that you let our experts assist you with payroll reporting. This will leave you with more time to concentrate on your business.
W-4 Form
All the employers must ask their employees to fill out Form W-4. This form allows the employer to withhold correct federal income tax from employee's pay. This form should be filled out every time employee's financial situation changes.
I-9 Form
US employers must confirm that their employees are legally permitted to work in the United States.
