If you and your small business have payroll-related responsibilities (and most closely held businesses operating as either a “C” Corporation or “S” Corporation do), we can train you on how to properly record payroll and payroll-related expenses, including gross pay, tax withholdings, net pay, and the payment of tax liabilities. We can help you avoid back taxes, penalties and interest commonly associated with the misclassification of employees as independent contractors.
We can advise you of all monthly, quarterly and year-end compliance responsibilities associated with having employees, yourself included. We can provide you with guidance on the timely deposit of federal and state income taxes withheld from wages. We can prepare for you all of your required quarterly and year-end payroll-related filings, including the Employer’s Quarterly Federal Tax Return (Form 941), Employer Report for Unemployment and Compensation, Employer Quarterly Return for Local Earned Income Tax Withholding, Quarterly Report of Local Services Tax (LST) Withheld, Philadelphia Quarterly Wage Tax submissions, Employer’s Annual Federal Unemployment Tax Return (Form 940), employee Wage and Tax Statements (Forms W-2) and the Transmittal of Wage and Tax Statements (Form W-3).
If your business has true independent contractors, we can help you fulfill your reporting requirements of completing and filing Form 1099-MISC (Miscellaneous Income) and the associated Form 1096 (Annual Summary and Transmittal of U.S. Information Returns). Other returns we prepare for our business clients include but are not limited to local Business Privilege and Mercantile Tax Returns and state sales tax return submissions.