Small Business

For information on worker classifications and other labor questions, contact the Department of Labor at their web site: http://www.dol.gov/dol

Federal law requires that certain notices for employee rights be placed in conspicuous locations where employees are likely to see them. The list of posters required are WH-1088, WH-1420, WH-1462, WH-1321 and WH-1313. Posters can be obtained free of charge by contacting the Dept. of Labor at http://www.dol.gov/dol/osbp/public/sbrefa/poster/main.htm or at the US Dept of Labor, Employment Standards, Administration Wage and Hour Division, Washington DC 20210. Speak to your local CPA about the required Department of the Labor sign and poster requirements.

The Small Business Administration (SBA) is a federal program set up to help small businesses obtain financing, usually through private sources. Speak to your local CPA about the feasibility of the SBA assisting your business. The SBA website is sba.gov.

You can request a report from a search company that will check records in the US Patent and Trademark Office, state registers and various other business sources. There usually is a fee for this service. Some companies are: CSC, The US Corporation Company, 1090 Vermont Ave NW, Washington DC 20005, 800 241-6518 800 241-6518. Thomson and Thomson, 500 Victory Road, North Quincy MA 02171-3145, 800-692-8833 800-692-8833. The US Corporation Company, 1090 Vermont Ave NW, Washington DC 20005, 800 241-6518 and Thomson and Thomson, 500 Victory Road, North Quincy MA 02171-3145, 800-692-8833.

Employers must give or mail employees' copies B, C and 2 of Form W-2 on or before January 31st of the following calendar year. A W-2 must be issued if any of the following criteria exists: if there was any withholding; if wages exceed the amount of one exemption. If any employee was paid more than $600; or to any person you paid an amount for services if you are in a trade or business. An employer may be subject to penalties for non-compliance.

The Annual Federal Unemployment Tax (FUTA) form is due by January 31st, or if all deposits were filed timely, you would then have 10 additional days.

The W-3 is a summary of an employer's W-2s for the calendar year. Employers and other payers must file Transmittal of Income Tax and Tax Statements, or Form W-3 with Copy A of Form W-2 by the last day in February.
The form is filed with: The Social Security Administration, Data Operations Center, Wilkes-Barre, PA 18769-0001. (Certified mail use 18769-0002)

Corrections are made using Form W-2C and Form W-3C. A copy of the corrected version should be given to the employee and also sent to the Social Security Administration.

The Employer's Quarterly Federal Tax Return (Form 941)for the 1st period January-March is due by April 30.
The Employer's Quarterly Federal Tax Return (Form 941)for the 2nd period April-June is due by July 31.
The Employer's Quarterly Federal Tax Return (Form 941)for the 3rd period July-September is due by October 31.
The Employer's Quarterly Federal Tax Return (Form 941)for the 4th period October- December is due by January 31st.
In any quarter, if all the taxes were timely deposited for the quarter, then the due date is extended 10 more days.
If the 941 reports are not filed timely, there is a late filing penalty. There is also a penalty for late paying with associated interest on the balance due.