Payroll is onething that all businesses have in common. Along with processing payroll come many different payroll recordsrequired to process the payroll. Eachtype of record has different requirements for how long you must retain thoserecords.
Payrolldepartments receive and submit hundreds of thousands of bits of data everyyear. Employee master file data such as name and social security number,employee forms such the Form W-4, report to the IRS such as Form 941,state unemployment insurance quarterly returns, termination dates foremployees, and even child support withholding orders.
A criticalquestion that every payroll professional must ask and more importantly answeris “What am I required to keep, in what format, and for how long”? Thetime over which payroll records must be retained will depend upon governmentrequirements.
The Internal Revenue Service typically states arequired retention period in each document it issues dealing with payrollissues. In general, wage calculations should be retained for two years, whilecollective bargaining agreements should be retained for three years.
Session Highlights:
To discuss the types of payroll records that must be retained.
To analyze the requirements for each type of payroll record.
To inspect for how long payroll records must be kept.
To different State requirements for record retention.
To discuss information and guidelines by specific states with different requirements.
Why you should Attend:
Every company should be aware ofhow long to retain payroll documents. Beinginvolved in a payroll or DOL audit is something no one wants to go through, andyou never know when you will have to. Stayingin compliance to keep these specific documents will make you more preparedshould this ever happen.
When an audit happens ifyou don’t have the documents needed for the audit you could be assessed morefines and damages because of estimations to any findings the auditor diddiscover. Being sure you have what isneeded to prove what was done will be better in all cases.
Staying in compliance is never easy but learning all you can about theseregulations will better prepare for any type of situation that could arise. Having these documents readily available foraudits, employee reviews, and many other types of issues that arise in businesswill make these easier for all involved.
Who Should Attend:
Payroll Professionals
Small Business Owners
Bookkeepers
Managers
Tax Professionals
You may ask your Question directly to our expert during the Q&A session.
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