Payroll Tax Records: What to Keep, What to Toss and who are accountable

Businesses often unwittingly commit payroll fraud when they are unaware of payroll tax laws and procedures to maintain payroll records. There can be heavy penalties assessed, fines assessed, and even jail time for payroll tax fraud. This webinar will illustrate federal and state requirements that need to be complied with in maintaining payroll records. It will further highlight several areas of concern and challenges faced by businesses and business owners in handling government contract requirements and tax forms.

Why Should You Attend:

Some businesses, especially new businesses, small business owners, and the self-employed are not aware of the requirements set forth by federal and state governments pertaining to payroll taxes. To lower the chances of being audited by the IRS, being fined, or serving jail time, businesses need to know how to develop and maintain adequate payroll records. They also need to know when it’s okay to get rid of payroll records. It is highly recommended, even if a company has internal staff that are accountable for these tasks, to hire a third party expert to come in and ensure that compliant financial records are maintained for tax and payroll purposes.

This webinar will address payroll tax requirements and discuss best practices for maintaining payroll records. The instructor will clarify common do’s and don’ts and recommend effective and compliant procedures to keep your financial records ready for audits and inspections. A few other topics that will be discussed include:

• Handling special forms such as local tax forms, wage reports, government contract requirements, etc.
• Payroll recordkeeping requirements and practices on how to list or maintain forms W-2, W-3, 1099, payroll tax returns, quarterly and year to date payroll reports
• Penalties for payroll noncompliance
• Retention requirements for payroll records

Areas Covered in the Webinar:

• Specific payroll records required to be maintained under federal law
• Information that should be retained in payroll records
• Carefully handling special forms such as local tax forms, wage reports, government contract requirements, etc.
• Payroll recordkeeping practices on how to keep forms W-2, W-3, 1099, payroll tax returns, quarterly and year to date payroll reports
• Retention requirements for payroll records
• Retention requirements based on the type of employee
• Who is permitted or allowed to access payroll records
• What should be included and how to comply with the new federal rules for I-9 form
• What penalties are assessed for payroll noncompliance
• Where should the payroll records be kept
• Should you keep payroll records separate from HR records, and if so, how, and how to destroy these records
• When is it okay to dispose payroll records

Who Will Benefit:

• Small businesses owners
• Medium/large companies
• Public corporations
• Nonprofit organizations
• Accounting personnel
• Human resources personnel
• Any organization with employees or that pays independent contractors
• Self-employed individuals