Handling Payroll Overpayments - Webinar (Recorded)

Why Should You Attend:

As much as payroll professionals complete audits and validations each payroll, unfortunately mistakes happen and employees get overpaid. Once an employee has been overpaid getting the money back is only one challenge, payroll professionals are faced with how to untangle the tax and compliance requirements when getting money back from employees.

• Review of different types of overpayments from regular pay to non-cash items such as laptops given to employees.
• Discuss employee loans and advances and how to handle them
• Discuss the tax implications of overpayments made in current year and those made in a prior tax year.
• Special year end reporting concerns for employees that have been overpaid.
• What are the best methods of repayment
• What special state and federal laws should be considered when collecting overpayments
• Understanding the impact of overpayments may be different for hourly employees versus salaried employees.
• Review the IRS “claim of right rule”