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28 lis 2023 · You should keep tax forms and payroll records for at least four years in case the IRS audits your business. The Fair Labor Standards Act (FLSA) also requires employers to keep payroll records for non-exempt workers for at least three years.
This includes W-2s issued to each worker, quarterly and annual payroll tax returns, state payroll tax and unemployment tax returns and detailed pay records for each employee like time sheets. Keeping good records is key for LLC taxes each year.
8 mar 2023 · Common forms include: Form 941: Reports wages, taxes, and other information each quarter. Form 944: Smaller businesses with lower payroll tax liabilities use Form 944 instead of Form 941. Form 940: For reporting unemployment taxes. Form W-2: To report wages and taxes withheld for each employee.
A single-member LLC is also required to use its name and EIN to register for excise tax activities on Form 637; pay and report excise taxes reported on Forms 720, 730, 2290, and 11-C; and claim any refunds, credits and payments on Form 8849. See employment and excise tax returns for more information.
9 maj 2024 · Your tax responsibilities include withholding, depositing, reporting and paying employment taxes. You must also give certain forms to your employees, they must give certain forms to you, and you must send certain forms to the IRS and SSA. See the links below for additional information: Hiring Employees; Part Time or Seasonal Help; Employee Benefits
If you want to put yourself on the payroll of your LLC as an employee, you must file for S-corporation status with the IRS and meet specific IRS requirements. You also may not pay yourself wages below what’s considered reasonable for your position in the business.
Instead, each member of the LLC receives a Schedule K-1 (Form 1065) that reports their share of the profits or losses, which they must report on their individual tax returns using Form 1040. If the LLC elects to be taxed as an S corporation, it files an information return, Form 1120-S, with the IRS.
