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Arlington Heights employment law attorneys, tax withholding, record-keeping lawsWhen business is booming and you know you need to hire someone to fill the gap, it is easy to get excited. However, you cannot let that excitement cloud your judgment. There are critical employment law specifics you need to know before hiring your first employee. Some of the most critical relate to tax withholding and record-keeping requirements.

Preparing for the Hiring Phase

Before you can hire an employee, you must first obtain an employer identification number (EIN). This number is used for tax reporting purposes, and it is required for submitting certain documents to the Internal Revenue Service (IRS). You also need it to report information about your employees to the state. In addition, keep in mind that you will need to keep records of employment, tax withholding, deductible expenses, and other financial and employment-related information for a minimum of four years.

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