Startup Q&A
How do you retroactively report payroll and pay payroll tax as a startup?
CEO and Founder of Kruze Consulting
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- Set up payroll right as soon as you incorporate. The number one no-no as a startup founder is thinking you can just take care of payroll later. WARNING: attempting to retroactively report your payroll and payroll tax as a startup is expensive, time-consuming, and painful. So after you’ve incorporated and set up a bank account… set up payroll with Gusto. It’s super easy to DIY. Even if you don’t use it, the $45/month is pocket change compared to how much you’ll have to pay a payroll expert to fix it later.
- If you didn’t… then contact scott@payrollmatters.com. He can get you caught up but it isn’t cheap. It is, however, absolutely worth it and 100% necessary. Your ordinary bookkeeper or CPA won’t be able to do these payroll tax filings as it requires very bespoke expertise. My firm has managed the books/taxes for over 1000+ startups and we won’t touch payroll tax. It’s so sensitive and important that it truly requires the help of an expert.
- Going forward, use Gusto.
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