As we enter a new decade, we wanted to share some tips for small businesses to prepare for the year ahead.
January 1st is typically the time when the government implements new regulations. Of impact to businesses at the national level is the Department of Labor New Overtime Rule. The Internal Revenue Service also released the 2020 Form W-4, Employee’s Withholding Certificate. Forbes looks at other potential business regulations in 2020. Be sure to check your state and local municipality for any new regulations affecting your business.
April 15 will be here before you know it. As a reminder, January 31st is the last day to furnish all employees with the W-2, Wage and Tax Statement. The American Payroll Association offers a 2020 Compliance Calendar. A peak season for tax preparers be sure you have your documentation and meeting scheduled with your tax professional in order to avoid having to file for an extension.
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