Hi there,
I own 2 very small businesses and i got a letter from LAI (Lowry & Associates, Inc) saying that i should fill the audit form and return. I believe this is for the worker's compensation insurance. And i got questions to fill this out. I work on one business and my cousin is helping me out on the other business. Because of his personal situation, he's not filing a tax report and i'm paying him in cash. I was just filling the audit form with the amount he got paid, but they ask me to provide Federal 941 to prove the payroll, which i have never reported. In this case, should i just say there was no employee?
And the audit form says a business owner also needs to quarterly file a form 941 when i get paid myself. What i did was, i withdrew cash from the business bank account when it is needed (but didn't pay for something personal with a debit card for the ease of tax report).
Could anyone help me out to complete this audit? Thanks and stay healthy!!!
I own 2 very small businesses and i got a letter from LAI (Lowry & Associates, Inc) saying that i should fill the audit form and return. I believe this is for the worker's compensation insurance. And i got questions to fill this out. I work on one business and my cousin is helping me out on the other business. Because of his personal situation, he's not filing a tax report and i'm paying him in cash. I was just filling the audit form with the amount he got paid, but they ask me to provide Federal 941 to prove the payroll, which i have never reported. In this case, should i just say there was no employee?
And the audit form says a business owner also needs to quarterly file a form 941 when i get paid myself. What i did was, i withdrew cash from the business bank account when it is needed (but didn't pay for something personal with a debit card for the ease of tax report).
Could anyone help me out to complete this audit? Thanks and stay healthy!!!
