We advise that all companies keep very accurate records on the hiring and release dates of all employees along with the hours worked. This may make a difference when responding to the Unemployment claims that may come in. If an employee quits, then this must also be documented properly.
If you are asking this question, then its probably time for a new accountant. Call our offices today. As highly recommended CPA's and Enrolled Agents providing financial accounting and taxation services in the Chicagoland Area, we have the experience to help you and your company. Call or e-mail Chris Amundson today.