Running a small business means wearing many hats. Keeping up with changing regulations can feel like one hat too many. As business advisors working with hundreds of Kansas companies, we regularly help owners navigate compliance requirements. Here’s what you need to know to stay on track.
Tax compliance essentials
The tax landscape continues evolving, with several important changes taking effect this year. Make sure you’re following these key requirements:
Income tax reporting
- File your business returns on time using the correct forms for your entity type. Most small businesses must file by March 15 (partnerships and S-corps) or April 15 (sole proprietors and single-member LLCs).
- Track and report all business income, including cash payments, digital payments, and goods-in-kind. New for 2024: Payment apps like Venmo and PayPal now report transactions totaling over $5,000 annually.
- Document all claimed deductions with proper receipts and records. We recommend scanning receipts immediately and using accounting software to categorize expenses.
Employment taxes and regulations
- Verify you’re using current payroll tax rates and properly calculating overtime, minimum wage, and benefits.
- Submit quarterly payroll tax returns (Form 941) and annual W-2/1099 forms by their deadlines.
- Stay updated on Kansas labor laws, including recent changes to paid leave requirements and worker classification rules.
Business licensing and permits
- Maintain required state and local business licenses, which may need annual renewal.
- Display necessary permits and certificates in your place of business.
- File your annual report with the Kansas Secretary of State to keep your business registration active.
Record keeping best practices
- Keep organized records of income, expenses, employee information, and business filings for at least 7 years.
- Back up financial data regularly and store copies securely.
- Consider using cloud-based accounting software to automate record keeping and reduce errors.
Red flags that may trigger audits
- Claiming unusually high deductions for your industry
- Misclassifying workers as contractors instead of employees
- Filing late or making numerous amendments to returns
- Having large discrepancies between reported income and bank deposits
We're Here to Help
Our team stays current on regulatory changes affecting Kansas businesses. We offer:
- Compliance reviews to identify and fix potential issues
- Guidance on proper documentation and record keeping
- Updates on new requirements affecting your business
- Support during audits or regulatory inquiries
Don’t wait for problems to arise. Schedule a consultation with our compliance experts to review your business practices and ensure you’re meeting all requirements. We’re here to give you peace of mind while you focus on growing your business.
