Top ten Payroll Mistakes Companies Make that can Cost Money

OVERVIEW

As payroll professionals, we must comply with numerous laws, and it’s cumbersome just to keep up with them all!  Furthermore, far too often we’re forced to quickly act and mitigate issues before it's too late to fix or prevent them - which can lead to costly errors and penalties for non-compliance.

This webinar will review areas within payroll that are usual audit points from both the Internal Revenue Service and the Departments of Labor at the federal and state levels. Detailed discussion on how to stay compliant in each area and what penalties non-compliance can have. You may even discover areas of potential non-compliance that you have not thought of.

If you process payroll and want to ensure compliance this webinar will give you the tools to avoid penalties and interest from noncompliance issues.

WHY SHOULD YOU ATTEND?

Payroll management is a critical aspect of running a successful business, yet many companies inadvertently make mistakes that can have significant financial repercussions. The complexity of payroll processes, coupled with ever-changing regulations, creates an environment where errors can occur, impacting both the bottom line and employee satisfaction. 

Attending will help the participant better understand simple payroll mistakes that can cost money, time, and resources. Along with how to properly fix these mistakes when they happen.

LEARNING OBJECTIVES

• Top mistakes even the most experienced payroll pros make
• Properly taxing employees for multi-state taxation in a remote work environment
• Managing IRS substantiation for fringe benefits
• Practices to avoid termination errors
• Examples of properly calculating employee overtime
• The most common and even uncommon red flags to watch out for

AREAS COVERED

Top 10 Payroll Errors & Prevention Strategies:

• Worker Misclassification Errors
• Properly Calculating overtime
• Overpayment Corrections regarding FLSA and taxation
• Timing of Payment Concerns
• Termination Errors
• Proper state taxation
• Taxing Fringe Benefits
• Obtaining proper substantiation for non-taxable fringe benefits
• Proper Processing of received garnishments
• SUI tax practices are unethical and errors

TOPIC BACKGROUND

Any business with employees must have a system in place for handling payroll activities, which includes paying employees, filing all necessary government forms, and paying taxes promptly. There are numerous aspects to payroll, particularly in larger companies with full-time and part-time employees plus independent contractors. 

The background of this webinar is rooted in the understanding that payroll mistakes are not merely administrative oversights; they can have far-reaching consequences, including financial penalties, compliance issues, and damage to the organization's reputation. The complexities of tax regulations, benefit calculations, and compliance requirements make it imperative for companies to proactively address potential pitfalls in their payroll processes.