Payroll Record Retention – What You Must Know?

OVERVIEW

Payroll is one thing that all businesses have in common. Along with processing payroll come many different payroll records required to process the payroll. Each type of record has different requirements for how long you must retain those records. This topic will give you guidance on how long each type of record must be retained according to IRS and State guidelines.

Payroll departments receive and submit hundreds of thousands of bits of data every year. Employee master file data such as name and social security number, forms such as Form W-4, reports to the IRS such as Form 941, state unemployment insurance quarterly returns, employee termination dates, and even child support withholding orders.

A critical question that every payroll professional must ask and more importantly answer is “What am I required to keep, in what format, and for how long”?

That is what this course will discuss. It will give you guidance on how long each type of record must be retained according to IRS and State guidelines.

WHY SHOULD YOU ATTEND?

Attend the webinar to Learn strategies for avoiding wage and hour violations through effective time and record-keeping policies.

The time payroll records must be retained will depend on government requirements. The Internal Revenue Service typically states a required retention period in each document it issues dealing with payroll issues. In general, wage calculations should be retained for two years, while collective bargaining agreements should be retained for three years.

Major topics covered:

• Types of Payroll Documents
• Retention of Documents
• Specific State Laws

LEARNING OBJECTIVES

• You will be able to discuss the requirements for each type of payroll record and how long they must be kept.
• You will be able to explain different State requirements for record retention.
• You will be able to identify the types of payroll records that must be retained.
• You will be able to recognize resources for more information and guidelines by specific states with different requirements.

WHO WILL BENEFIT?

This webinar will be beneficial for:

• CPAs

• Payroll Professionals

• Accountants

• Controllers

• Business Managers, Office Managers

• Presidents, Vice Presidents

• Business owners, Managers, Investors

• CFOs, Finance Directors

• Bookkeepers and Attorneys

• Tax Preparers, Tax Professionals

• Human Resources and Benefit Professionals

AREAS COVERED

Types of Payroll Documents

• 941 and 940 Tax Forms

• W-2s - Original and Undeliverable W-2s

• Timesheets and Piecework

• Schedules

• Records for Additions/Deductions From Wages

• Wage Tables, Collective Bargaining Agreements

• State and Local Taxes

Retention of Documents

• All IRS Tax Returns and W-2s

• Time Records

• Payroll Records, Collective Bargaining Agreements, Sales/Purchasing Records

• State and Local Tax Returns

Specific State Laws

• New York

• California

• Illinois

• Washington

Event Venue

Online

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