Question
How should Toast Payroll information be handled during a company split?
What information does Toast need from my restaurant to split into multiple FEINs?
Answer
So that we can adjust the system accordingly, you should always contact Toast Payroll when you're planning to split up the company or add a new FEIN. However, Toast cannot directly advise on every step or action you should take if your restaurant decides to make these changes. It's highly recommended to contact a CPA, attorney, your state/local tax agencies, and/or another professional for specific advice related to your circumstances.
That being said, we can say it's a good idea to gather all important information from the system before you decide to make any larger business changes. It may be best to run and download the QEPAR and/or other common payroll reports for each quarter that you've done business in the last two years.
You may also wish to retrieve the necessary tax information:
First, you can visit the Tax Account page for all applicable details for each FEIN. Navigate to Settings > Payroll > Tax Accounts.
You can also download all quarterly tax packages and employee Form W-2s by navigating to Reports > Tax Filings, selecting a Year and FEIN, and downloading the files for each applicable year and/or FEIN. Learn more in the Tax Filing Reports section of Toast Payroll: Optimize the Report Library.
This content is for informational purposes and is not intended as legal, tax, HR, or any other professional advice. Contact an attorney or other professional for advice.