In addition to all of the local rules that small companies must follow, there are also bigger, state, and federal offences that even small firms must comply with. Here are three of the most typical forms of penalties imposed on small companies.
1. Tax Infractions
Tax penalties for underpayment of anticipated taxes and failure to submit taxes on time are among the most typical fines businesses may face. These penalties are the consequence of poor tax preparation for many small company owners, and they might have been avoided simply by engaging an accountant. Hiring a regular tax person would likely result in a net savings over time if a person has a tendency of amassing tax infractions.
If your company already has a history of tax evasion, you will almost certainly require the assistance of a tax attorney.
2. Violations of OSHA
OSHA infractions are common even in firms that are not in the construction industry. Employers are mandated by both state and federal law to maintain a safe working environment for their workers. Simply failing to display one of those odd-looking state-issued posters with loads of fine print might be a penalty (you know, the ones that get posted in the break-room). Building enterprises, on the other hand, tend to rack up the most OSHA infractions since construction sites are typically riddled with safety issues that might expose employers to penalties or other punishments.
3. Violations of Wage and Hour Laws
Employers must pay their workers in accordance with state and federal laws. Unfortunately, the criteria may be rather detailed, and if an employer fails to comply, he or she may face fines and penalties. Penalties and fines might vary depending on how each state enforces its wage and hour rules. However, most states have very precise requirements that may result in financial penalties if an employer fails to do something as basic as providing a full paystub with each paycheck.