You Must Know...
a new business is a very exciting and busy time. There is so
much to be done and so little time to do it in.
If you expect to have employees,
there are a variety of federal and state forms and
applications that will need to be completed to get your
business up and running. That's where we can help.
Identification Number (EIN)
Securing an Employer Identification Number (also known as a
Federal Tax Identification Number) is the first thing that
needs to be done, since many other forms require it. EINs are
issued by the IRS to employers, sole proprietors,
corporations, partnerships, nonprofit associations, trusts,
estates, government agencies, certain individuals, and other
business entities for tax filing and reporting purposes.
The fastest way to apply for an EIN is online through the IRS
website or by telephone. Applying by fax and mail generally
takes one to two weeks. Please note that as of May 21, 2012
you can only apply for one EIN per day. The previous limit was
Withholding, Unemployment, and Sales Tax
Once you have your EIN, you need to fill out forms to
establish an account with the State for payroll tax
withholding, Unemployment Insurance Registration, and sales
tax collections (if applicable).
Payroll reporting and record keeping can be very time
consuming and costly, especially if it isn't handled
correctly. Also keep in mind, that almost all employers are
required to transmit federal payroll tax deposits
electronically. Personnel files should be kept for each
employee and include an employee's employment application as
well as the following:
W-4 is completed by the employee and used to
calculate their federal income tax withholding. This form also
includes necessary information such as address and social
I-9 must be completed by you, the employer, to
verify that employees are legally permitted to work in the
If you need help setting up the paperwork for your business,
give us a call at 925-634-2344. Letting our experts handle
this part of your business will allow you to concentrate on
running your business.
Financial Services at Sullivan & Company, CPAs
Grow leads our Financial Services Division and is here to
help you navigate your financial future. As an Investment
Advisor Representative, she is able to provide an
independent opinion on the investments you already own or
are considering buying.
We can structure a portfolio
based on your risk tolerance or we can help you decide how
to invest in your company 401(k) plan. We work with each
client to identify their concerns and to provide solutions
according to their situation.
is also experienced in company retirement plans. If you own
a business that does not have a plan; we can discuss your
options and set up a plan that fits your company.
If your business already has a
plan; we offer a free evaluation of the plan to ensure that
it is up to date and working well for you and your
Our goal is to provide personal, unbiased and independent
advice to help you make well-informed decisions about your
financial life and investments.
Contact Kathy Grow or Jordana Para to set up a free initial
consultation (301) 657-8080.
And as always if you have any questions about accounting or
investments and how they effect you or your business, please give
us a call at
(240) 316-3564. We
can help guide you in the right direction.
Remember you can call our offices if you have any
questions about these or any other accounting, tax,
financial planning or insurance related issues, at
Regards, Paul Sullivan, CPA
President, Sullivan & Company