Although I am a small business, there is a moderate but growing amount of paperwork to be compliant. My process for being compliant.
I periodically ask my accountant, a fancy CPA, what else I should think about?
I periodically ask lawyers (I use several), what else I should think about?
Once I discover an issue, I study it and get compliant and then assign it to my office compliance manager who tracks expirations and renewals etc.
Here’s a quick list of my issues:
S Corp & location - I’m registered in FL and need to pay up every year. I’m incorporated under a different name so I DBA which requires a ficticious name form. I file Federal income tax, state assets tax, and am licensed to do business in my county and city.
Employment – I pay and track Federal income tax with-holding, social security, payroll tax, workmans comp, and probably some other payroll things handled thru ADP. Plus we have an array or benefits including HRA, medical insurance, dental insurance, long term disability insurance, death and dismemberment insurance, and a new Simple IRA as of 2009 (thru Fidelity).
Insurance – To get my lease, I signed up for an array of location and other insurances. I refused to get business interruption insurance as too expensive but got all the others. We had to fix my lease for that one.
I’m now adding PCI Compliance to handle credit cards.
