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
Confused about reporting the cost of health insurance coverage for employees? Starting in tax year 2011, the Affordable Care Act requires employers to report the cost of coverage under an employer-sponsored group health plan.
The expiration of the Federal Unemployment Tax Act (FUTA) surtax in June 2011 means you’ll see some changes on the 2011 Form 940 when you file it in January. In addition, there are 21 states subject to FUTA credit reduction. The IRS has posted Form 940 and Schedule A (Form 940) for 2011 so you can see the changes.