Accounting For New Businesses In Maitland
What notices will a new business receive, and how can an accountant help figure them out?
While running your business, there are times when you receive notices that you are unsure of and don’t know what to do about. Gene O’Baker from O’Baker & Co., discusses what those notices mean and what you can do if you have received one. If you have received a notice and need help from an experienced Maitland accountant, call O’Baker & Co. for a free consultation.
“Florida Department of Revenue and Unemployment, it’s a big one. People don’t file them a lot when they’re first starting. They’re doing their payroll from … the neighbor does … knows how to do payroll on QuickBooks, and they’re paying their employees, and they’re cooking along and all of a sudden, they get a notice, they haven’t filed an unemployment report. That’s one example, that’s Florida Department of Revenue.
Also, sales tax. Once you set up your entity and you apply for a sales tax number, you have to start filing sales tax reports. You haven’t even gotten the business started yet, you’re still trying to figure out a location, you’re trying to get all of these things done, and you’re cooking along, then a couple of three months later, all of a sudden you have three notices for sales taxes due and penalized, you’ll be penalized for all three of them. As you’re not reporting this stuff, you’re getting penalized, and you don’t even know you have to report anything yet.
When you do something like that, we can then assist you and say, “This is what we have to do to prevent penalties or notices.” Once you start employing people, you have to pay your tax reports to the Internal Revenue Service. They have to be timely, and they have to be correct, and you have to pay timely. To know all these things, you don’t know … the typical person wouldn’t know what the requirements are. We can tell you exactly what your timing has to be, what tax returns are required, when they’re required and make sure that you’re on track, totally on track for all of them.
Income tax returns. People operate their business, but they don’t worry about income tax return because they can’t get around to doing … they’re trying to find somebody to do it for them for free, and they can’t find anybody to help them. They get two, three, four years, and they haven’t filed a federal tax return. This happens all the time, and they know they have a problem, but they don’t know what to do about it.
When they come to see me, then I can take all those issues and all those notices, you’re talking about federal income tax, state, unemployment taxes, state sales taxes, county permits, city permits, all of the stuff that are required of a business is a lot more intense and a lot more significant than a typical new businessman thinks.”