7. GOVERNMENT RULES, REGULATIONS & OTHER REQUIREMENTS
- Name of Business Entity and DBA Names
- Registration with Government Agencies
- Federal Government: Internal Revenue Service
- Form SS-4: Application for Federal Identification Number
- Form 2553: Election by a Small Business Corporation
- W-4: Employer’s Withholding Allowance Certificate
- Immigration Services - I-9 Employment, Eligibility, Verification
- New York State:
- Employer – NYS–100 NYS Employer Registration for
Unemployment Insurance, Withholding & Wage Reporting
- Sales Tax Authority – DTF-17 Application for Registration
as a Sales Tax Vendor
- CT-6: Election by a Federal S Corporation to be treated as a New York S Corp
- Payroll Taxes
- Employee Withholding Taxes – Fiduciary Responsibility of employer who makes decision on business bills to be paid. Personal liability.
- Federal:
- FICA Tax (Social Security and Medicare Tax) – Employer Cost 7.65% per employee wages up to maximum calendar yearly wages as defined by the government yearly.
- FUTA Tax: (Federal Unemployment Tax) – Employer cost .8% per employee wages up to a maximum per calendar yearly wages of $ 7,000.
- New York State
- State Unemployment Tax – Employer cost of .1% up to 9% per employee wages up to a maximum calendar yearly wages of $ 8,500.
- Required Insurance coverage:
- Workers Compensation Insurance – rates vary depending on industry
- Disability Insurance – Short Term
- Sales & Use Tax
- Fiduciary responsibility of owners – Personal Liability
- Resale and exempt organization certificates
- Invoices and Register Tapes
- What is taxable and what is tax exempt?
- Interstate and Intrastate sales
- Internet Sales
- Nexus : A connection, tie, link
- Insurance
- Liability
- Property
- Auto
- Business continuation
- Permits and Licenses
- Better Business Bureau
- Health Department
- Environmental
- Clothing Registration - Clothing Manufacturer Number
- Bookkeeping
- Computer Programs,
- Supporting Documents
- Payroll Services
DISCLAIMER
NOTICE:
U.S. Treasury Circular 230 Notice:
Any tax advice contained in this document is not intended or written to be used, and cannot be used for the purpose of:
- avoiding penalties that may be imposed under the Internal Revenue Code or by any other applicable tax authority, or
- promoting, marketing or recommending to another party any tax-related matter addressed herein.
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