At least four years after the due date for employees to file their income tax returns for the particular year, IRS says.
Records to be retained include wages, payment dates, and employee data such as their names, dates of employment, Social Security numbers and addresses.
Also, copies of W-4 Forms, W-2 Statements, I-9 Forms, Payroll Tax Returns, and amounts and dates of tax deposits.
Keeping these records will help you survive a State of
and Payroll Tax Audit. Federal Income Tax
If you outsource payroll, be sure the payroll company provides you with copies of all payroll related information each month, including proof of payroll tax deposits made. The business and business owner is the party ultimately responsible for required payroll tax deposits.
Mike Lupo, SCORE Counselor
Visit us at: www.scoresouthflorida.net