Were you aware that there are large penalties assessed for using incorrect payroll forms? For example, on 7/17/2017 an updated Form I‐9 was released. Employers should have started using the updated version no later than 9/18/2017. If you continue to use an outdated form your business could be paying large sums of money assessed as fines by taxing authorities, making this a costly mistake.
It is recommended that you save the correctly completed forms and copies of the documents you used to verify your new hire’s legal work status indefinitely. If you have a walk‐in visit by one of the government agents will you be able to confidently hand over the requested documents?
As your payroll advisors we will keep you compliant with tax and labor laws. You may think you are saving money by handling your company’s own payroll, but is it worth the risk of doing it incorrectly? If you would like more information about this topic or others feel free to reach out to me directly.
Sunflower Bank announces an expansion of its Business Banking team and client offering in Boulder, Longmont, and Broomfield as part of its commitment to creating possibility and economic growth in its communities.