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How to Setup Payroll for an LLC or Corporation 1 Credit

How to Setup Payroll for an LLC or Corporation 1 Credit

  • Rating

    4.5
  • Published on

    October, 2024
  • Subject Area

    Taxes

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Learning Objective

  • Review essential steps for effective payroll setup and management.
  • Discuss how business entity types impact payroll processing requirements.
  • Navigate state-specific payroll tax rules and regulatory compliance effectively.
  • Address common payroll setup questions for LLCs and Corporations.
  • Implement strategies to manage benefits, garnishments, and employment taxes.

Course Overview

Payroll setup is a critical yet often daunting task for any growing business. Whether you're bringing on your first employee or scaling up your team, it’s crucial to get payroll right from the start. But where do you begin? What factors do you need to consider to ensure that you comply with all legal requirements and manage your payroll efficiently? 

In this CE Course led by Nellie Akalp of CorpNet.com, we'll address these pressing questions and more, providing you with the knowledge and tools you need to master the payroll process. Additionally, we will provide a comprehensive state-by-state breakdown of payroll tax rules to help you navigate the complexities of regional regulations. By the end of this CE Course, you'll be well-prepared to handle payroll with confidence and set a strong foundation for your business's success.

Major Topics Covered:

  • Payroll tax basics
  • Information needed to process payroll
  • Steps for setting up payroll
  • Steps for processing payroll
  • Payroll options for business owners
  • Considerations for hiring remote employees

Join us as we explore the essential steps for setting up payroll, from calculating work hours and wages to managing benefits and wage garnishments. We’ll dive into how your business entity type—be it an LLC or Corporation—affects your payroll setup and processing, including tax implications and reporting requirements.

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  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 General Credit of Taxes for Accountant/Bookkeeper/Tax Professionals
  • 1 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-02117-24-S)
  • 1 CE Credit of Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-02117-24-S)
  • 1 PDC Credit of Business Acumen for SHRM Professionals (Approval No. 24-GFF67)

    Valid upto : Dec 31, 2024

  • 1 RCH Credit of Payroll Administration and Management for Certified Payroll Professional (CPP) (Approval No. 24CPE094)

    Valid upto : Dec 31, 2024

  • 1 RCH Credit of HR (General) for Human Resource Certification Institute (HRCI) (Approval No. 679787)

    Valid upto : Nov 30, 2024

  • 1 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1705)
  • 1 RCH Credit of Payroll Administration and Management for Fundamental Payroll Certification (FPC) (Approval No. 24CPE094)

    Valid upto : Dec 31, 2024

  • 1 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-02117-24-S)
  • 1 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-02117-24-S)
  • 1 CE Credit of Federal tax-related matters for LTC (Approval No. GEHNZ-T-02117-24-S)
  • 1 CPE Credit of Taxes for Iowa Licensed Public Accountant (IA-LPA)
  • 1 CPE Credit of Taxes for Maine Licensed Public Accountant (ME-LPA)
  • 1 CPE Credit of Taxes for Delaware Licensed Public Accountant (DE-LPA)

  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1.5 General Credit of Taxes for Accountant/Bookkeeper/Tax Professionals
  • 1 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-02117-24-O)
  • 1 CE Credit of Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-02117-24-O)
  • 1.5 PDC Credit of Business Acumen for SHRM Professionals (Approval No. 24-N4XDN)

    Valid upto : Dec 31, 2024

  • 1.5 RCH Credit of HR (General) for Human Resource Certification Institute (HRCI) (Approval No. 683133)

    Valid upto : Nov 30, 2024

  • 1 CE Credit of Taxes for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1705)
  • 1 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-02117-24-O)
  • 1 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-02117-24-O)
  • 1 CE Credit of Federal tax-related matters for LTC (Approval No. GEHNZ-T-02117-24-O)
  • 1.5 CPE Credit of Taxes for Iowa Licensed Public Accountant (IA-LPA)
  • 1.5 CPE Credit of Taxes for Maine Licensed Public Accountant (ME-LPA)
  • 1.5 CPE Credit of Taxes for Delaware Licensed Public Accountant (DE-LPA)

Additional Information

Credits

1

Course Level

Basic

Instructional Method

QAS Self Study
Group Internet Based

Pre-requisites

None

Advance Preparation

None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering aintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.

About Instructor

Nellie Akalp is an entrepreneur, small business advocate, and mother of four little rockstars. As founder and CEO of CorpNet.com, she has helped more than half a million entrepreneurs start their businesses. Through CorpNet.com, Nellie has also partnered with business professionals such as attorneys, CPAs and more as their silent fulfillment partner helping them incorporate and form LLCs for their clients.

Nellie is internationally recognized as one of the most prominent experts on small business legal matters, contributing to media outlets like Entrepreneur and The Huffington Post. Each month, her regular columns and small business advice reach more than eight million people.

Together with her husband Phil, Nellie has been building companies for more than 18 years. They sold their first company to Intuit in 2008 for $20 million, then decided to get right back into the game. Having weathered ups and downs of entrepreneurship over the past two decades, Nellie is an undisputed expert on what it takes to start a successful business and follow your dreams.

On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars approved by NASBA and other regulatory bodies?

Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.

What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

How can I access my webinar completion certificates?

After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Ratings and Review

4.5

Excellent

Very Good

Average

Poor

Terrible

SN

Stephen Nathanson, EA

Good except for the technical problems. I'm thinking that this may have been a result of the Zoom update that happened just before the session began. This is the first time this has happened since I began attending My-CPE courses. I hope this gets corrected.

JL

Joseph Lisandrillo, EA

This is a really terrific course. I've done very little with payroll until now but I will start handling payroll on a regular basis going into the future and this course has provided me with the knowledge, confidence and resource to do so effectively.

Inclusions
  • Multiple Credits
    Multiple Credits

    Earn continuing education credits with flexibility. Choose from live webinars, on-demand courses, e-books, or podcasts to fit your learning style and schedule.

  • Certifications & Reporting
    Certifications & Reporting

    We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days - fastest in the industry.

  • Credit Tracker
    Credit Tracker

    Track and manage your compliance across all 50 states and over 100 designations. Our Credit Tracker keeps your CPE credits and compliance requirements always up-to-date.

  • Certificate Vault
    Certificate Vault

    Certificate Vault to upload, manage, and access certificates earned from various sources and an integrated credit tracker, allowing users to monitor and manage their credits conveniently for compliance.

  • Compliance Reminders
    Compliance Reminders

    Stay current with our automated reminder system. Receive timely alerts for your CPE requirements, ensuring you never miss a deadline.

  • Mobile App Access
    Mobile App Access

    The myCPE Mobile App allows you to learn on the go, providing access to educational content on Android and Apple iOS devices. You can learn anytime and anywhere, making it convenient for busy schedules.

  • Live Support
    Live Support

    Our support team is available via live chat, email, and phone from 9 AM to 5 PM ET. We're here to help with any questions or issues, ensuring you have a seamless experience.

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