Hiring a new employee can be a complicated process, from reviewing applications and resumes to interviewing and checking references. But for the small business owner, hiring is almost the easy part. That’s because once you hire a new employee, you need to begin the payment and recordkeeping process, which is complex.
For small business bookkeepers and CFOs, year-end imposes additional obligations, as ongoing payroll tasks must be managed alongside year-end tasks, all the while gearing up for 2013. The key to successfully handling these tasks in December and January is careful planning, delegation when possible and attention to deadlines.
With tax filing season nearly here, record retention is an important issue for business owners. In order to file accurate tax returns and maintain appropriate business records, there are rules to follow in regards to what business records to maintain and for what length of time. The IRS provides rules and guidelines in Publication 583: […]