Whatever the nature of your business, as an owner you are presented with a number of responsibilities and obligations that must be continually met in order to maintain a successful, profitable operation. Properly managing your business tax responsibilities is one surefire way to ensure you stay on track and out of trouble with the IRS.
Keeping your tax record in check is one task that you cannot afford to drop the ball on, especially when it comes to properly reporting information about the employees who work for you. Obeying basic IRS guidelines can help your business avoid financial penalties and other consequences that can damage your company’s well being.
New Hire Checklist
Minimizing your chances of liability issues with the IRS begins with securing certain information the moment you bring a new staff member on board. You will need to continually stay on top of this information and maintain the records over time, as new employees come and go, and keep it readily available to report to the IRS when necessary.
Every business owner must do the following when hiring new employees:
Staying on top of employee information for business tax purposes is possible when you are organized, thorough, and well educated on how to properly document the information. If you are a business owner experiencing some confusion regarding new hire processes and the tax liabilities that come with them, contact a competent Cook County business tax and IRS defense attorney today. Call the Law Offices of Eric G. Zelazny at 708-888-2299 for a personal consultation.