Managing payroll is more than calculating and handing out checks. Government reporting and record keeping requirements have grown increasingly complicated, and “small” mistakes with payroll incur some of the steepest penalties. But for many businesses with one or a few employees, it doesn’t make economic sense to pay a high-end payroll processing company to write a few checks for you.
COMPLIANCE AND PAYROLL REPORTING
We prepare all the federal and Illinois quarterly and annual filings including:
- Form 941, Employer’s Quarterly Federal Tax Return
- Form IL-941, Illinois Withholding Income Tax Return
- Form UI-3/40, Employer’s Contribution and Wage Report (SUTA)
- Form W-2, Wage and Tax Statement
- Form 940, Employer’s Annual Federal Unemployment Tax Return (FUTA)
- Form 1099-NEC, Nonemployee Compensation
- Form 1099-MISC, Miscellaneous Information
There are several different agencies involved in these filings, and we electronically submit your forms to each one. We also offer a mailing service if you’d like us to send W-2s and 1099s to your employees and vendors for you.
PAYROLL SOLUTIONS
For owners:
The owners of small corporations must pay themselves reasonable compensation. We help you optimize payroll for yourself based on the profits of your business and your expected personal tax obligations. This is especially helpful for small business owners because income will vary and is affected by more than just the income appearing on the owner’s W-2.
For staff:
No matter what form of business you own, if you have employees, you need to follow certain rules and provide certain information with every paystub. But you may want the convenience of doing day-to-day payroll in-house without the hassle of payroll service submission deadlines. We offer solutions that let you calculate your own payroll, provide legally compliant paystubs, and determine your tax deposit requirements on your own. If self-serve meets your day-to-day needs, we can make that work for you. We’ll still prepare the quarterly and annual filings and help you when you need that extra, personalized help.
For non-employees:
Payments to non-employee vendors often need to be reported to the IRS. Does your consultant, your day laborer, your attorney or your landlord need a 1099? We help you identify which vendors must receive these tax forms and help you gather the information you need so that you are able to comply with the information (1099) reporting laws in a timely manner.