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Keeping Your Record Straight

October 11th

tax recordsOne of the biggest problems that business owners of any size have with the paying of taxes is simply keeping the record straight in order to avoid IRS penalties. Everyone is fully aware that taxes need to be paid, and the frequency of purposeful fraud when it comes to businesses or individuals paying taxes is relatively low; most businesses wish to obey tax laws! However, many individuals are unsure and confused about how to best keep their records, particularly when it comes to running a business. The IRS will come after you whether you have purposefully misfiled your tax information or done so accidentally; it is best to have a full understanding of the tax situation so that you don’t end up in tax debt!

Getting the Record Right

A business should store all records of employment taxes for at least four years. Since the IRS might request to review these at any time, the records should include the following:

  •  The employer identification number (EIN)
  • Amounts and dates of all wage, annuity, and pension payments,
  • Amounts of tips reported to you by employees
  • Records of allocated tips the fair market value of in-kind wages paid
  • Names, addresses, Social Security numbers and occupations of employees and recipients
  • Any employee copies of forms W-2 and forms W-2c returned to you as undeliverable
  • Dates of employment for each employee.

There is a longer list of recommended records to be kept by business owners that can be accessed through the IRS. Be sure to check out the Employer’s Tax Guide for more information about appropriate recordkeeping; also consult local tax attorneys and tax lawyers for resources specific to your jurisdiction. With a little bit of vigilance, you can keep yourself and your business out of tax trouble.

 
 
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