Mandatory New Hire Reporting: What Forms Are Required Video

When it comes to small business administration, new hire reporting is a mandatory task to keep your company in compliance with government regulations.

This small business video minute explains the new hire forms you'll need to file, including the I-9 and W-4. It also discusses the importance of organizing your new hire reporting information, which will save you time and help you avoid IRS penalties.

Video Transcript

Welcome to the SurePayroll minute.

I’m Michael Alter.

Did you know that you’re responsible for reporting new hires to the relevant governmental agencies, and keeping certain new-hire information on-file and up-to-date?

States require employers to submit new hire information in a timely manner.

If you’re using a payroll service, they may do this for you... when you add an employee to your payroll.

If not, be sure to check with your state agency to understand their requirements and filing deadlines.

In addition to submitting state information, you’ll need to collect federal forms from new employees.

For example, Form I-9 establishes the legal eligibility of the employee to work in the United States.

You must retain this form for 3 years following employment or 1 year following their termination, whichever is later.

Form W-4 establishes how much income taxes should be withheld from an employees’ paycheck.

You must retain this form for 4 years.

If your business doesn’t have a formal process for collecting, storing and submitting new hire information, you should create one.

It can save you a tremendous amount of time AND save you from paying IRS penalties.

For the simple answer to small business issues, I’m Michael Alter with your SurePayroll Minute.