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Our law firm engaged Parkway Business Solutions to provide bookkeeping and accounting services and we have found their services to be exceptional. Mike Snelson is always available to answer questions and provide excellent guidance. Parkway handled the transition from our traditional desktop QuickBooks program to the QuickBooks Cloud and it was seamless. As a result, we have saved substantial time handling month end invoicing and we have absolute confidence that the information generated in our reports and statements is 100% accurate. I would highly recommend Parkway Business Solutions to anyone needing bookkeeping and accounting related services.
"Ever since I hired Parkway for my bookkeeping services, my CPA has been happier,and my cash flow has become much easier to manage."
“Parkway amazingly took charge and reorganized my entire business… clearing up many years of errors. I no longer worry about my daily, weekly, and monthly reports because the Parkway Team does them for me.” 
Professor Nick Browne UCLA
Michael Snelson is A+ ! Detailed, attentive, courteous, meticulous, efficient, affordable. The man has a passion for his work. Michael managed to make a complex accounting not only tolerable, but in a strange way, on the strength of his comprehensive grasp of the issues and his clear and elegant solutions, almost pleasurable. That is saying a lot! Of course I would be pleased to retain him again, for issues big or small. The man and his work are extraordinary!
Nestor Diaz River Delta Brands
"Awesome dudes!" "The interesting things about this business is that it isn't just an accounting service, they try to cater to your financial needs..." "...They put an emphasis on doing things not the old fashioned way but trying to use updated tools like software to keep things online."

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You are here:--3 Things You Must Know when Starting a Business

Starting a new business is a very exciting and busy time. There is so much to be done and so little time to do it in. If you expect to have employees, there are a variety of federal and state forms and applications that will need to be completed to get your business up and running. That’s where we can help.

Employer Identification Number (EIN)
Securing an Employer Identification Number (also known as a Federal Tax Identification Number) is the first thing that needs to be done since many other forms require it. The fastest way to apply for an EIN is online through the IRS website or by telephone. Applying by fax and mail generally takes one to two weeks. Note that effective May 21, 2012, you can only apply for one EIN per day. The previous limit was 5.

State Withholding, Unemployment, and Sales Tax
Once you have your EIN, you need to fill out forms to establish an account with the State for payroll tax withholding, Unemployment Insurance Registration, and sales tax collections (if applicable).

Payroll Record Keeping
Payroll reporting and record keeping can be very time-consuming and costly, especially if it isn’t handled correctly. Also, keep in mind, that almost all employers are required to transmit federal payroll tax deposits electronically. Personnel files should be kept for each employee and include an employee’s employment application as well as the following:

Form W-4 is completed by the employee and used to calculate their federal income tax withholding. This form also includes necessary information such as address and social security number.

Form I-9 must be completed by you, the employer, to verify that employees are legally permitted to work in the U.S.

By | 2017-09-09T21:46:23+00:00 September 9th, 2017|Categories: Bookkeeping|0 Comments

About the Author:

For the past 14 years Mike has been helping business owners understand their accounting. By combining 5 years of experience preparing personal and business taxes with his passion for accounting, Mike offers a unique approach to bookkeeping that offers business owners better financial forecasting.

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