Payroll Records: The 4-Year Rule
If you have employees, your recordkeeping requirements increase significantly due to employment tax laws. The either/or dilemma is often between neglecting the specific payroll records and ensuring you meet your legal obligation to your team.
Record #5: Employment Taxes is a critical part of the Safe Principle. You must keep these records for at least four years after the tax becomes due or is paid, whichever is later. A sound payroll record system ensures you are fulfilling your legal and ethical obligations to them, which is the foundation of a healthy, sustainable business culture.
Download the guide to master your S3 Recordkeeping Method: https://www.safesimplesound.com/5-critical-records-guide/.
DISCLAIMER: This content is for educational purposes only and should not be considered personalized financial advice. Always consult with a qualified financial professional before making financial decisions.