1. How to decide if you have payroll processing responsibilities
As a small business owner, one of the first questions you may have is, “Do I need to process payroll?” The easy answer? If you have employees, or use independent contractors, then you need to run payroll. It’s no shock that the IRS expects you to play by their rules – when it comes to taxes, employee paperwork and reporting regulations.
Your payroll responsibilities include withholding, reporting and paying federal, state and local taxes on time and using the proper forms. If you make an error in any of these areas, your small business could face hefty government fines.
Sep 21