Certified Public Accountants

PAYROLL TAXES

Irrespective of the form of business in which you operate, if you are going to have employees then you will have to contend with payroll taxes. The brief summary which follows will give you some guidance in the rules and regulations of the various taxing authorities.

Proper payment of payroll taxes is vitally important to the success of your business and timely payment will avoid penalties. A little guidance from a qualified business accountant will help make actual payment of the taxes a routine function for your business. Accurate record keeping and accounting support also will help you avoid the kinds of problems that can result in hours of unprofitable time and effort filing special reports to satisfy the IRS and the State of Illinois Department of Employment Security.

Available Publications

Circular E, Publication 15, Employer's Tax Guide, covers the payroll tax reporting and deposit requirements and can be obtained through the local office of the Internal Revenue Service.