ComplianceOnline

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

Instructor: JeFreda Brown
Product ID: 703692
  • Duration: 90 Min

recorded version

$149.00
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Recorded Link and Ref. material will be available in My CO Section

Training CD

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Read Frequently Asked Questions

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

Instructor Profile:

Financial and Business Compliance Coach, JeFreda Brown, helps maximize the business potential of small to large sized businesses, nonprofits, Government agencies, colleges, organizations, agencies, and self-employed individuals.

As CEO of Goshen Business Group, LLC (formerly Brown Accounting Solutions, LLC), she is able to provide a unique suite of specialized services that are customized for an organization’s particular needs. Some of her areas of expertise include tax planning, budget preparation, DCAA audit consulting, Government contract accounting system & internal controls compliance consulting, pricing proposal development, financial management, payroll compliance, business development/management consulting, professional development training, train the trainer services, business planning, grant writing, 501(c)(3) preparation, and more.

With over 16 years of business experience in areas such as accounting, finance, real estate, taxes, federal auditing (DoD), low income housing tax credits, project and compliance management, contract administration, human resources, and teaching, JeFreda is one of America’s Premiere Financial & Business Compliance Coaches. JeFreda earned her BS degree in Math from Mississippi State University with a minor in Spanish. She also has an MBA in Finance from Mississippi College.

She has provided training workshops for multiple organizations including Women Impacting Public Policy (WIPP), American Express OPEN, Central Alabama Women’s Business Center, University of Alabama Huntsville SBDC and PTAC, Jefferson State University PTAC, and Operation HOPE.

In November 2010, JeFreda was chosen as the winner of the Black Enterprise Magazine and Porsche Cars’ Intelligent Performers contest out of over 300 entries across the country. JeFreda has been featured in numerous print and online articles for various industry websites, blogs, and magazines including US News, YFS Magazine, DailyWorth, & Intuit Small Business Blog. She has also been interviewed on Bloomberg Radio and The Ambitious Entrepreneur Show. She is the Author of the eBook, 12 Reasons You Need an Accountant for Your Small Business available on Amazon. JeFreda is also featured in the forthcoming book, How To be #HLIC Head Lady in Charge as well as the Head Ladies in Charge movie. She will be featured as an expert Business Coach in the online TV Show, Marathon of Excellence in the summer of 2014. She is also an Adjunct Professor for The University of Alabama Birmingham’s Collat Business School in the Accounting and Finance department.

Topic Background:

When it comes to payroll, employers are required and obligated to maintain adequate recordkeeping of payroll tax records. Some of the biggest reasons companies fail are bad recordkeeping, not paying taxes, and not paying the correct amount of taxes. Federal and state governments have laws pertaining to maintaining financial records, paying taxes, and reporting financial information.

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