While there are no specified forms required for keeping employee and payroll records, certain information is mandatory and must generally be kept for four years. Below is a chart showing information required by each of the federal agencies. The United States Department of Labor administers the Fair Labor Standards Act. The Social Security Administration and Internal Revenue Service administer the Federal Insurance Contributions Act (FICA), Federal income tax withheld, and Federal Unemployment Tax Act (FUTA). In Texas the Texas Workforce Commission administers state unemployment taxes. See more ›
Employee and Payroll Records – What Do I Need?
Tagged with: accounting, bookkeeping, earnings, employee, employment, income, IRS, labor law poster, Payroll, payroll records, records, social security, withholding
Posted in Bookkeeping, Employees, Payroll, Tax Articles, Tips & Tricks
Posted in Bookkeeping, Employees, Payroll, Tax Articles, Tips & Tricks
Labor Law Posters
By law, all businesses in the United States must display the most current federal and state labor law postings. Posters must be displayed at all company locations in areas accessible to all employees and applicants. Laws change all the time; approximately 80 mandatory state changes occur each year. Government agencies do not notify business when changes occur. Employers are responsible for keeping track of mandatory changes and displaying the most current version to avoid fines and other legal liability. Certain states (AZ, CA, FL, TX, etc.) recommend postings in both English and Spanish. Penalties for noncompliance include federal government fines of up to $17,000 per posting location, and even more devastating consequences in the event of employee litigation. See more ›
Tagged with: business owner, employee, employment, labor law poster, payroll records, small business, Texas tax laws
Posted in Tax Articles, Tips & Tricks
Posted in Tax Articles, Tips & Tricks
Understanding an IRS Notice or Letter
If you receive a letter or notice from the IRS, it will explain the reason for the correspondence and provide instructions. Many of these letters and notices can be dealt with simply, without having to call or visit an IRS office.
The notice you receive covers a very specific issue about your account or tax return. Generally, the IRS will send a notice if it believes you owe additional tax, are due a larger refund, if there is a question about your tax return or a need for additional information. See more ›
Avoid E-Mail and Text Scams
It’s hard enough to be a small business these days without dealing with email and smart phone scammers. In my business email inbox I have received emails purported to be from EFTPS (Your payment has not been accepted), AT&T (Your statement is ready, usually showing an alarming amount due), Better Business Bureau (Complaint), and almost every bank. See more ›
Tagged with: e-mail, email, hackers, scams, small business, smart phones, texting
Posted in Tips & Tricks
Posted in Tips & Tricks
Sales Tax Holiday Aug 17-19, 2012
In 2012, Texas shoppers get a break from state and local sales taxes on Aug. 17, 18 and 19 — the state’s annual tax holiday. Lay-away plans can be used again this year to take advantage of the sales tax holiday. As in previous years, the law exempts most clothing, footwear, school supplies and backpacks priced under $100 from sales and use taxes, which could save shoppers about $8 on every $100 they spend. Check the lists and exceptions on the Texas Comptroller’s website. See more ›