Payroll Missteps, Potholes and Pitfalls—Watch Out for These Areas to Avoid Costly Errors

from Training Doyens

OVERVIEW
Properly administering an employee’s compensation is not limited to just calculating the hourly rate times the number of hours worked. That is actually just the beginning of the path to compliance. A path that can be fraught with potholes and pitfalls. From ensuring that the gross wages are correct, through taxation and finally method of payment, every step can be a misstep into the mud and mire of non-compliance. The payroll rules and regulations in today’s world are complex and constantly changing. Gross wages can even change each payroll as employees receive fringe benefits, business expense reimbursements or prizes and rewards. Which to tax and report and which to just report, or which to not bother about can get you right down that payroll pit.
If paying employees by check is old hat in your company, then you need to know what the latest regulations are for direct deposits and paycards. Once the employee has the “money in hand” the state may require that they be given an explanation of how they were paid, or in other words, a paystub. And when an employee does leave your company, make sure you know your legal obligations as to that final paycheck.
WHY SHOULD YOU ATTEND
Some of the compliance regulations payroll must adhere to in avoiding the payroll pitfalls were written in the 1930’s while others are as new as yesterday’s Congressional vote. Some are in a constant state of flux while others are as constant as the sun and never change. No matter what the statusyou want to avoid falling down that noncompliance payroll pit. Even a slight trip on a payroll pothole can lead to thousands of dollars in penalties. Join payroll expert Vicki M. Lambert, CPP as she explains how to avoid the potholes, missteps and deep pits of processing paychecks—from gross wages to final paychecks and more.
AREAS COVERED
• The payroll pitfalls to avoid when paying by direct deposit and paycards
• How to determine the fair market value and proper taxation for prizes and rewards when paid in means other than cash
• How to avoid the deep compliance pit of failure to calculate overtime correctly when paying an employee bonuses, prizes and rewards—whether in cash or tangible personal property
• How to account for the value of fringe benefits paid to employees
• What to do with business expense reimbursements
• When to give employee paystubs or pay statements
• What records need to be maintained to avoid potholes in your compliance
• Legal obligations of paying terminated employees —whether they voluntarily resign or are fired.
LEARNING OBJECTIVES
Even the most well run and professional payroll department can fall victim to unforeseen problems that can derail the smoothest operation. Join us in this presentation and learn what to look for so you can avoid the biggest payroll pitfalls and keep on the smooth path!
WHO WILL BENEFIT
• Payroll Professionals
• Human Resources
• Accounting Personnel
• Business Owners
• Lawmakers
• Attorneys, or any individual or entity that must deal with the complexities and technicalities of ensuring compliance within the payroll process

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