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corporate reporting
Broadly speaking, corporations are obligated to report several categories of information to state and Federal authorities.
- Financial reports that establish various tax liabilities, state and Federal
- Employment reports that identify employees and their earnings
- Special compliance reports, often specific to the type of industry, that establish the firm's adherence to these statutes.
Corporations have annual reporting requirements that confirm the continuation of their business with the Secretary of State in which they are incorporated and, if applicable, the state in which they are in business.
- Biannual Report to the Secretary of State
- This documentation draws from the Annual Board of Directors meeting minutes and should include Organizational Minutes, Assignments of Incorporate Rights, Elections of Officers and Directors, appropriate Waivers of Notice of Meeting, Adoptions of Bylaws, Banking Resolutions, Corporate Bylaws, and a host of other organizational documents. You should be certain that all of these documents are signed and included in a central place.
- All businesses must report their earnings to both the IRS and the state in which they do business. In some cases, if they are incorporated in another state, that state, too, will have certain annual financial reporting requirements.
- Federal Corporate Tax Return (1120 for C Corp. or 1120S for S Corp)
- State Board of Equalization Sales Tax Due Reporting
Employment forms report upon the earnings and deductions on all employees, and include reports aggregating the total liability of the corporation from withholdings and deductions for various categories of benefits.
- Report of New Employee(s) (DE 34) - to assist in tracking delinquent child support wage withholding orders
- Independent Contractor Reporting (ICR) - Any business or government entity that is required to file a federal Form 1099-MISC for services received from an independent contractor is required to report specific independent contractor information to EDD (Employment Development Department of CA) on form DE 542. This information will be used to locate parents who are delinquent in their child support obligations.
- W2 and 1099 reporting for employees and subcontractors to the IRS and California Franchise Tax Board.
- All tax payments must be submitted with a completed Payroll Tax Deposit (DE 88/DE 88ALL) form unless payments are made by electronic funds transfer (EFT) or credit card. Although employer contributions for Unemployment Insurance (UI) and Employment Training Tax (ETT) are due quarterly, withholdings from employees' wages for State Disability Insurance (SDI) and California Personal Income Tax (PIT) may need to be deposited more often.
- A Certificate of Insurance from the Workers Compensation Insurance carrier to confirm that your business is compliant with California Workers Compensation Insurance statutes.
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