When it comes to running a business, making sure that you have everything in place is important to keeping it running smoothly. If you have more than a few employees one vital area of business that you should pay attention to is payroll taxes. Since each state has different rules and regulations for payroll taxes, it can be beneficial to consult a lawyer to help you sort it all out.
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1- Making Your Business Follow State and Federal Taxes
One of the top reasons that any company would want to consult with an expert tax attorney is to make sure that your payroll is compliant with tax regulations. These regulations come from all levels of government including local, state, and federal. These regulations will also vary from state to state, so it is important to find a tax attorney who provides specific services for the state where your company’s headquarters are located. Your attorney can help you provide the right payroll deductions and taxes for your employees so that payments are accurate and yearly taxes are transparent.
2- Protecting Your Company’s Finances
Depending on the size of your business, payroll taxes can get complicated quickly. If you are not compliant with payroll tax regulations, your company could be in trouble with the IRS. This can lead to audits, fines, and more. A tax lawyer can help you prevent any mistakes in your payroll taxes so that your business is protected, and your employees are getting their pay accurately and on time. And if a problem does arise, your attorney can provide you with available solutions to correct the situation going forward.
3- Protecting Yourself from Personal Liabilities
If your payroll taxes have been mismanaged and you haven’t put into place any protections for your personal finances against your business finances, you could face personal financial consequences for noncompliance. While this is not always the case, if your business is on the smaller side, you may not have robust protection for your personal finances, and therefore it would be subject to correcting your company’s financial issues.
4- Expert Guidance for Compliance
If you don’t know where to start to make sure your company is compliant on local, state, and federal tax levels, your tax attorney can help you map out what you need to take action on to set up and maintain payroll taxes. Making sure you are working with the regulations from the start can help prevent any serious mistakes from occurring. This will not only benefit your employees in getting their pay but also your business by being able to quickly and accurately provide the necessary information for filing annual taxes with the state and federal government.
These are just a few of the many benefits that any business can get from consulting with a lawyer who is experienced in payroll taxes and other financial issues for businesses, both big and small. If you are ready to get started with your company’s payroll taxes, finding the right tax attorney can make the process much easier.