Payroll Regulations, Laws, Common Pitfalls, and Recordkeeping Requirements 2023: What to Keep, What to Ditch

OVERVIEW

Payroll is one thing that all businesses have in common. Along with processing payroll come many different payroll records required to process the payroll. Each type of record has different requirements for how long you must retain those records.

Payroll departments receive and submit hundreds of thousands of bits of data every year. Employee master file data such as name and social security number, employee forms such the Form W-4, report to the IRS such as Form 941, state unemployment insurance quarterly returns, termination dates for employees, and even child support withholding orders.

Special record retention concerns will be reviewed such as how to handle records during a merger or acquisition. Legislative updates will be reviewed along with common errors employers make that can cause your company money regarding record retention policies.

WHY SHOULD YOU ATTEND?

Knowing what records to keep and what to destroy is always a challenge for employers, especially when it comes to payroll records. Designing a payroll records retention program that ensures compliance is no easy task. Failing to meet payroll retention requirements can mean large penalties if audited or involved in a lawsuit for overtime or unpaid wage claims.

This webinar will review record retention requirements along with legislation that if not followed correctly that can cost your company money. This webinar will give you tools and tips to stay compliant with record retention requirements especially as employers go electronic with record retention requirements.

LEARNING OBJECTIVES

To be up to date on current legislation affecting payroll and legislation that has caused the payroll area to struggle and how to overcome those struggles. To make sure you are up to date and are running a payroll that is in compliance for 2023.

This webinar will: 

• Discuss record retention requirements by agency IRS, DOL, etc.
• Review record retention policies & procedures & the cost of a poor policy.
• Explain how to handle and be prepared for audits.
• Elaborate on Form I-9 Record retention concerns.
• Analyze Sarbanes-Oxley
• Mergers & Acquisitions, and how they affect your record policy.

AREAS COVERED

Record Retention
• Payroll Record-Keeping Requirements by agency
• IRS-Internal Revenue Service
• DOL-Department of Labor
• Record retention policies & procedures & the cost of a poor policy
• How to handle and be prepared for audits
• Special Retention Concerns
• Form I-9
• Sarbanes-Oxley
• Mergers & Acquisitions
• Unclaimed Properties

Legislative updates
• W-2 /W-4 Updates
• Tax Reform Changes
• Annual Updates

Common Errors to avoid
• Worker Misclassification
• Overpayment Corrections
• Termination Errors
• Proper state taxation
• Taxing Fringe Benefits
• Obtaining proper substantiation

WHO WILL BENEFIT?

This webinar will provide valuable insights to: 

• Payroll Professionals 
• HR Professionals 
• Recordkeeping Professionals
• Accounting Professionals
• Controllers
• Tax professionals
• HR Professionals
• Legal Professionals
• Financial Officers

Others Details

In this online webinar speaker, Dayna Reum will review record retention requirements by the agency.