Wallace CPA Southlake, TX
Payroll means paying employees correctly, withholding taxes from their wages, and sending those taxes to the IRS and the state on time. Wallace CPA helps Southlake, TX employers run payroll, make deposits and prepare payroll tax returns, so each step is on record.
A payroll service figures each paycheck, withholds taxes, records the totals and files the returns that follow. Wallace CPA also connects payroll to your books, so wages and tax payments show up correctly in your reports. See small business accounting for the bookkeeping side.
The IRS says employers generally must withhold federal income tax, Social Security and Medicare taxes from employee wages and pay the employer share. Federal unemployment tax is paid by the employer only. Read the glossary entries for payroll tax and Form 941.
Deposit and return dates depend on your deposit schedule and the tax year, so check the IRS rules for the year you are in. The IRS says you must deposit and report employment taxes on time. Our small business tax calendar shows the usual rhythm.
Employers give each employee a Form W-2 and file copies with the government. Contractors paid above the reporting limit get a Form 1099-NEC. Read the post on Form 1099-NEC for small businesses.
Late deposits and unfiled payroll returns can lead to penalties and notices. Start with our IRS problem resolution service. Keep payroll records as long as the IRS requires, which it says is at least four years for employment tax records.
General information, not advice for your situation. Talk with a CPA about your own facts before you act.
Ask anything else: call (877) 682-1171.
Read the guideThe small business tax and bookkeeping year, month by monthThe IRS says to keep all records of employment taxes for at least four years.
Some taxes are paid by both and some only by the employer. The IRS gives federal income tax, Social Security, Medicare and federal unemployment tax as examples.
We can review them, find errors and help prepare corrected returns where the IRS allows it.
No. It is general information. Talk to a CPA about your situation.
Call the Southlake office and say what you need: a return, an IRS letter, your books or a new business. Have the notice or last year's return nearby if you have one.
