EP07: What to Do When You Hire Your First Employee

<p>So you're ready to add new people on board and increase staffing for your business. The cost of hiring new employees may cost you new expenses, liabilities, and legal obligations if you fail to do your homework.<br /> <br /> As employers, there is so much that you need to do for you to be compliant per IRS standards, per your state standards, and then there are city and local state requirements that every single employer needs to comply with. And if you don't comply with it, then you get penalties from every single direction.<br /> <br /> In this episode of Empire Tax Professionals, we will talk about what you need to do when hiring your first employee.<br /> <br /> KEY TAKEAWAYS:<br /> <br /> ● First things first. When hiring a new employee, you need to ensure that you collect the proper documentation.<br /> <br /> ● Make sure that you get worker's compensation insurance (it varies in every state in the US). Discuss details with your insurance broker. If you don't, you get a fine of two thousand dollars every ten days for not complying.<br /> <br /> ● Register with the Department of Labor before you hire your first employee. Once you register, the state permits you to start collecting payroll taxes on behalf of the employee. You become like a trust fund.<br /> <br /> ● Pay every single independent contractor to their corporation name versus to their individual name so you can avoid any red flags and reduce any audits.<br /> <br /> ● Depending on the type of business you're in, you would want to collect Non-Disclosure & Non-Compete Agreements.<br /> <br /> Get In Touch With Empire Tax Professionals:<br /> <br /> Did you ever imagine spending this much time on your financials?<br /> <br /> IT'S OKAY. LET US HELP YOU GET IT OFF YOUR PLATE.<br /> Contact us today: <a href= "https://empiretaxusa.com/">https://empiretaxusa.com/</a><br /> <br /> 📚 👓 PM or email us at accounting@empiretaxusa.com to book a FREE strategy session with an Enrolled Agent on our team.</p>