How to comply with Payroll Recordkeeping Requirements: Why It is important and what you need to know?
Duration: 90 Minutes
It's the employer's responsibility to maintain adequate recordkeeping of payroll records. This webinar will provide a detail guideline to assist with establishing and maintaining employee's records. How to avoid cost that may result to poor record retention. Discuss the best approach in storing, retrieving and archiving employee's payroll records various ways to protect employee data and the best method managing electronic payroll record systems that meet the federal and state guidelines.
Objectives of the Presentation
Does your payroll record meet the federal and state record retention requirements? Do you have the accessibility to timely retrieve payroll records within 72 hours? Human Resources and payroll professionals face with several recordkeeping retention requirements mandated by federal and state agencies. In some cases, these record retention requirements are not always clear and can be challenging when and how to maintain the records to avoid hefty penalties and fines from the various federal and state authorities.
This webinar will review the DOL, IRS, OSHA and HIPPA record retention requirements. The best approach to retaining and retrieving various records from third party provider such as IRON Mountain. This 90-minute webinar will provide necessary guide to help establish recordkeeping policy, increase knowledge and help successfully prepare for any current and future audits.
Areas Covered
When it comes to payroll, employers are required and obligated to maintain adequate recordkeeping of payroll tax records. Some of the biggest reasons companies fail are bad recordkeeping, not paying taxes, and not paying the correct amount of taxes. Federal and state governments have laws pertaining to maintaining financial records, paying taxes, and reporting financial information.
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Download Agenda- Consequences of poor record retention polices
- Other applicable federal laws and their record keeping requirements
- State record keeping requirements and how they differ from federal law
- How to handle audits and what record keeping tips to have to be prepared for an audit
- What penalties are assessed for payroll noncompliance
- Retention requirements and required content for specific types of records
- Practical information on setting up an effective payroll record keeping system, including electronic data storage and archiving
Does your payroll record meet the federal and state record retention requirements? Do you have the accessibility to timely retrieve payroll records within 72 hours? Human Resources and payroll professionals face with several recordkeeping retention requirements mandated by federal and state agencies. In some cases, these record retention requirements are not always clear and can be challenging when and how to maintain the records to avoid hefty penalties and fines from the various federal and state authorities.
This webinar will review the DOL, IRS, OSHA and HIPPA record retention requirements. The best approach to retaining and retrieving various records from third party provider such as IRON Mountain. This 90-minute webinar will provide necessary guide to help establish recordkeeping policy, increase knowledge and help successfully prepare for any current and future audits.
Areas Covered
- Key to record compliance for DOL, FLSA, FMLA, IRS and FUTA
- New Electronic Form I-9 program: how I-9 relates to payroll records
- Keys to good record retention policies and procedures
- Consequences of poor record retention polices
- Other applicable federal laws and their record keeping requirements
- State record keeping requirements and how they differ from federal law
- How to handle audits and what record keeping tips to have to be prepared for an audit
- What penalties are assessed for payroll noncompliance
- Retention requirements and required content for specific types of records
- Practical information on setting up an effective payroll record keeping system, including electronic data storage and archiving
- Payroll Tax Professionals
- Payroll Department
- Controllers
- Accounting Department
- HR Department
When it comes to payroll, employers are required and obligated to maintain adequate recordkeeping of payroll tax records. Some of the biggest reasons companies fail are bad recordkeeping, not paying taxes, and not paying the correct amount of taxes. Federal and state governments have laws pertaining to maintaining financial records, paying taxes, and reporting financial information.