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Human Resource & Payroll
Payroll departments submit and receive hundreds of thousands of bits of data each year. 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 for employees, and even child support withholding orders.
Processing payroll comes with many challenges as well as benefits that most Employers aren't aware of. You need different payroll records that are required to process the payroll. Every type of record has different requirements of how long you must retain that record.
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”? The time over which payroll records must be retained will depend upon government requirements.
The Internal Revenue Service (IRS) 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. Join us on Clatid to learn more about the States regulations and how you can ensure compliance in payroll in 2022.
We will go over the different types of documents that are considered payroll documents that must be maintained for a specific amount of time. Some forms you might not consider as payroll documents actually are.
Many states have different rules than the Federal regulations regarding these documents. We will touch on a few of these States and give guidance on how to find out more information about their regulations.
We will discuss each different type of document in regard to how long you are required to keep the documents. This includes timesheets, payroll changes, additions/deductions from Wages, State taxes, and many more.
-How long to keep each type of payroll document?
-Which documents are considered payroll documents?
-What are the specific State Laws regarding record retention?
-How to find details on the State Laws?
-The different types of payroll records that must be retained
-The requirements for each type of payroll record
-Descriptions of each specific document
-Information and guidelines by specific states with different requirements
-Different State requirements for record retention
Every company should be aware of how long to retain payroll documents. Being involved in a payroll or Department of Labor (DOL) audit is something no one wants to go through, and you never know when you will have to. Staying in compliance to keep these specific documents will make you more prepared should this ever happen.
When an audit happens if you don’t have the documents needed for the audit you could be assessed more fines and damages because of estimations of any findings the auditor did discover. Being sure you have what is needed to prove what was done will be better in all cases.
Staying in compliance is never easy but learning all you can about these regulations will better prepare you for any type of situation that could arise. Having these documents readily available for audits, employee reviews, and many other types of issues that arise in business will make these easier for all involved.
Payroll Professionals
Small Business Owners
Bookkeepers
Managers
Tax Professionals
Debbie Cash, CPP is a Business Analyst-Implementation at G&A Partners. She collaborates with Clatid Compliance to provide trainings on payroll and human resources. She was formerly a Payroll Tax/Time and Attendance Specialist at Employer Advantage LLC. G&A Partners is a Professional Employer Organization (PEO) that offers payroll, human resources, benefits management, risk management, and accounting services for businesses and they recently acquired Employer Advantage LLC a former PEO. She has been with the organization since 2006.
Debbie earned an associate's degree in Accounting from MSSU in 1985 and a bachelor's degree in General Business from MSSU in 2006. She obtained her Certified Payroll Professional Certification in October 2006. She has 30+ years of experience processing payroll and payroll taxes for various different companies and professions.
Debbie worked as a Payroll Specialist at Missouri Southern State University from 1993 to March 2006. She attended the International Tax Conference in Wisconsin in 2005 and specialized in International Tax for Student Visa’s. She also worked for Joplin R-8 School District from 1990 to 1993.
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