Starting a new business is a very exciting and busy time. There is so much to be done and so little time to do everything and to make all the necessary decisions, let alone stay current with the paperwork. That's where we can help. There are a variety of federal and state forms and applications that will need to be completed to get your business started.
Federal ID Number Securing a federal ID number needs to be accomplished first since many other forms require it. After form SS-4 is complete, you will be able to get your Federal ID# using the online process on the IRS website. All payroll tax deposits are to be paid using the Electronic Funds Transfer Payment System (EFTPS).
State Withholding, Unemployment, and Sales Tax You will then need to fill out forms to establish your account with the State for payroll tax withholding, Unemployment Insurance Registration, and sales tax collections (if applicable).
Payroll Record Keeping Payroll reporting and record keeping can be very time consuming and costly, especially if not handled correctly. Let our expertise handle that part of your business so you can concentrate on running your business. Also keep in mind, almost all employers will be required to transmit their federal payroll tax deposits electronically. You should keep personnel files for each employee. Included should be the employee's employment application as well as the following:
W-4 Form - completed by the employee and used to calculate their federal income tax withholding. Also includes necessary information such as address and social security number.
I-9 Form - required to be completed by you, the employer, to verify employees have permission to work in the U.S.
Upchurch & Associates is a Chicago based CPA and accounting firm that provides a wide variety of accounting, tax, financial management, QuickBooks, incorporations, and accounting services. Our clients are located throughout Chicago in towns like Oak Park, Skokie, Evanstan, Oak Brook, Elmhurst, Hinsdale, Westchester, Lincolnwood, Morton Grove, Niles, Park Ridge, and Glenview. We service clients in many Chicago neighborhoods including North Center, Lincoln Square, Albany Park, Irving Park, Lakeview, Roscoe Village, Wrigleyville, Ravenswood, Avondale, Logan Square, Lincoln Park, Bowmanwille, Mayfair, Edison Park, Bucktown, Wicker Park, Depaul, Portage Park, West Town, Uptown, Edgewater, Rogers Park, North Park, Sauganash, Jefferson Park, Humboldt Park, the Loop and West Loop. We also service clients in Cook County, Will County, Dupage county counties.
