2023 Payroll Record Keeping: Who Requires What, for How Long and in What Format

On Demand Webinar

Webinar Details $219

  • Rated:
  • Webinar Length: 100 Minutes
  • Guest Speaker:   Vicki Lambert
  • Topic:   Human Resources, Taxation and Accounting, Payroll
  • Credit:   HRCI 1.5, SHRM 1.5, ATAPR 1.5, CPE 2.0
All Access Membership

Payroll departments receive and submit hundreds of thousands of bits of data each and every year.  Employee master file data such as name and social security number, employee forms such the Form W-4, reports to the IRS such as Form 941, state unemployment insurance quarterly returns, termination dates for employees 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 webinar will discuss.  We will focus on the details at the federal level for the major laws including the Fair Labor Standards Act, the Internal Revenue Code, and Child Support Enforcement. We will discuss how long records must be kept and in what format.  We will review the records needed when a merger or acquisition has taken place and whether or Sarbanes-Oxley is still relevant when it comes to record keeping.  We will also review how to keep the data secure to ensure that what is retained is safe and intact when and if it is ever requested.

AREAS COVERED IN THE WEBINAR:

  • The importance of record keeping in a payroll department
  • Regulatory agencies with payroll record keeping requirements including: 
    • Department of Labor
    • IRS
    • Child Support
    • Others
  • Details of exactly what data needs to be saved and in what format can it be kept
  • Does Sarbanes-Oxley still matter for record keeping?
  • Mergers, acquisitions and how it affects payroll record keeping
  • Keeping the data secure to remain in compliance

WHO CAN BENEFIT:

  • Payroll Executives/Managers/Administrators/Professionals/Practitioners/Entry Level Personnel
  • Human Resources Executives/Managers/Administrators
  • Accounting Personnel
  • Business Owners/Executive Officers/Operations and Departmental Managers
  • Lawmakers
  • Attorneys/Legal Professionals
  • Any individual or entity that must deal with the complexities and requirements of Payroll compliance issues
  1. Introduction
  2. Our Focus For Today 00:01:21
  3. The Importance of Recordkeeping 00:04:22
  4. Key Points - One Size Fits All 00:07:10
  5. Key Points - Regulations 00:12:29
  6. Internal Revenue Code and FUTA Links 00:16:16
  7. U.S. Department of Labor Link 00:16:59
  8. U.S. Citizenship and Immigration Links 00:17:26
  9. Child Support and U.S. Department of Health 00:17:53
  10. Abandoned Wages 00:19:10
  11. Federal Wage and Hour Law - FLSA 00:23:03
  12. Records to be Maintained 1-4 00:24:36
  13. Records to be Maintained 5-9 00:25:56
  14. Records to be Maintained 10-14 00:28:19
  15. To Be Preserved For Three Years 00:30:04
  16. To Be Preserved For Three Years Cont’d 00:32:21
  17. Records To Be Preserved For Two Years - Basic Employment And Earnings Records 00:33:46
  18. Records To Be Preserved For Two Years - Wage Rate Tables 00:35:23
  19. Records To Be Preserved For Two Years - Order, Shipping, And Billing Records 00:36:55
  20. Record Format 00:36:54
  21. Internal Revenue Service - Internal Revenue Code/Federal Unemployment Tax Act 00:
  22. IRS Internal Revenue Code 00:40:51
  23. Information That Must Be Kept 00:41:03
  24. Information That Must Be Kept Cont’d 00:45:07
  25. In Addition 00:51:43
  26. Format Required 00:54:03
  27. Format Required Cont’d 00:56:02
  28. FUTA 00:59:22
  29. FUTA Cont’d 01:00:34
  30. Immigration Reform and Control Act - Form I-9 01:03:14
  31. Immigration Reform and Control 01:05:26
  32. Form I-9 Paper Retention 01:07:44
  33. Form I-9 Microform Retention 01:09:02
  34. Form I-9 Electronic Retention 01:10:32
  35. Form I-9 Electronic Retention Cont’d 01:11:30
  36. Other Recordkeeping Considerations 01:12:16
  37. Record Retention for Abandoned Wages 01:12:21
  38. Income Withholding/Medical Support Orders 01:14:46
  39. Retention by State Chart 01:18:08
  40. IWO Record Retention After Termination By State 01:19:51
  41. Merger and Acquisition Considerations 01:19:58
  42. Sarbanes-Oxley Effects on Payroll 01:22:09
  43. Securing Your Data - Developing a Disaster Plan 01:23:06
  44. Securing Your Payroll Data 01:25:47
  45. Some Causes of Data Loss 01:27:07
  46. Develop a Payroll Disaster Plan 01:28:44
  47. Methods to Secure Your Data 01:31:24
  48. Tips for Storing Your Secure Data 01:32:33
  49. Outsourced Data Storage 01:33:25
  50. Are There Any Questions? 01:33:57
  51. Presentation Closing 01:48:02
  • Abandoned Wages 00:19:17, 01:12:20
  • Audit 00:11:53, 00:23:10, 00:59:02
  • Child Support 00:01:46, 00:18:09, 01:14:59
  • Cost 00:06:26
  • Department of Labor (DOL) 00:01:39, 00:17:00, 00:41:5
  • DHS - Department of Homeland Security 01:11:42
  • EIN 00:41:58
  • Exempt 00:47:18
  • Fair Labor Standards Act (FLSA) 00:17:12, 00:23:06, 00:26:03, 00:40:27, 00:42:18, 00:51:53, 00:54:07
  • Fair Market Value (FMV) 0043:34
  • Federal Insurance Contributions Act (FICA) 00:41:00, 00:52:06
  • Federal Unemployment Tax Act (FUTA) 00:16:42, 00:40:57, 00:59:22
  • Form 940 00:59:30
  • Form 941 01:21:25
  • Form I-9 00:17:34, 01:03:17, 01:10:34
  • Form W-2 00:16:39, 00:42:53, 00:44:17
  • Form W-2C 00:43:51
  • Form W-4 00:16:39, 00:46:54, 00:47:06
  • Fringe Benefits 00:45:4
  • Garnishment 00:01:47
  • Income Withholding for Support (IWO) 01:14:51, 01:17:04
  • Internal Revenue Code (IRC) 00:16:27
  • Minimum Wage 00:05:31
  • Overtime 00:28:44
  • SOX -Sarbanes Oxley Act 00:02:58, 01:22:28
  • Wage 00:29:11, 00:42:12, 00:53:54, 01:21:55

Abandoned Wages: Abandoned wages are wages that were paid, but never picked up or deposited by the employee.

Audit: A formal examination of an organization's or individual's accounts or financial situation

Child Support: Child support is an ongoing, periodic payment made by a parent for the financial benefit of a child following the end of a marriage or other similar relationship.

Cost: The sum of the applicable expenditures and charges directly or indirectly incurred in bringing an article to its existing condition and location

DHS - Department of Homeland Security: The United States Department of Homeland Security is a cabinet department of the U.S. federal government with responsibilities in public security, roughly comparable to the interior or home ministries of other countries.

Department of Labor (DOL): The United States Department of Labor is a cabinet-level department of the U.S. federal government responsible for occupational safety, wage and hour standards, unemployment insurance benefits, reemployment services, and some economic statistics; many U.S. states also have such departments.

EIN: The Employer Identification Number, also known as the Federal Employer Identification Number or the Federal Tax Identification Number, is a unique nine-digit number assigned by the Internal Revenue Service to business entities operating in the United States for the purposes of identification.

Exempt : Exempt employee is a term that refers to a category of employees set out in the Fair Labor Standards Act. They do not receive overtime pay, nor do they qualify for the minimum wage

Fair Labor Standards Act (FLSA): The Fair Labor Standards Act of 1938 29 U.S.C. § 203 is a United States labor law that creates the right to a minimum wage, and "time-and-a-half" overtime pay when people work over forty hours a week. It also prohibits most employment of minors in "oppressive child labor".

Fair Market Value (FMV): The term fair market value is used throughout the Internal Revenue Code among other federal statutory laws in the USA including Bankruptcy, many state laws, and several regulatory bodies. In litigation in many jurisdictions in the United States, the fair market value is determined at a hearing.

Federal Insurance Contributions Act (FICA): The Federal Insurance Contributions Act is a United States federal payroll contribution directed towards both employees and employers to fund Social Security and Medicare—federal programs that provide benefits for retirees, people with disabilities, and children of deceased workers.

Federal Unemployment Tax Act (FUTA): The Federal Unemployment Tax Act (FUTA) is a federal law that imposes an unemployment tax on employers. The FUTA tax funds the federal government's oversight of each state's unemployment program. Only employers pay FUTA tax. You must deposit the tax quarterly and file an annual form.

Form 940: Use Form 940 to report your annual Federal Unemployment Tax Act (FUTA) tax. Together with state unemployment tax systems, the FUTA tax provides funds for paying unemployment compensation to workers who have lost their jobs. Most employers pay both a federal and a state unemployment tax. Only employers pay FUTA tax.

Form 941: Federal form 941, also called a quarterly federal tax return, is an IRS return that employers use to report their FICA taxes paid and owed for the period. The IRS uses this form to calculate the amount of employer tax payments made during the year as well as the amount of taxes due at the end of the year.

Form I-9: Form I-9 is used for verifying the identity and employment authorization of individuals hired for employment in the United States. All U.S. employers must ensure proper completion of Form I-9 for each individual they hire for employment in the United States. This includes citizens and noncitizens.

Form W-2: Form W-2 is an Internal Revenue Service tax form used in the United States to report wages paid to employees and the taxes withheld from them. Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship. - Wikipedia (https://en.wikipedia.org/)

Form W-2C: W-2C is a form used to make corrections on previously issued wage/tax information (W-2s) from current or prior years. Like Form W-2, it is a multi-use form used to report corrected wages to the IRS (Internal Revenue Service), FTB (Franchise Tax Board), and SSA (Social Security Administration).

Form W-4: Form W-4 (otherwise known as the "Employee's Withholding Allowance Certificate") is an Internal Revenue Service (IRS) tax form completed by an employee in the United States to indicate his or her tax situation (exemptions, status, etc.) to the employer.

Fringe Benefits: An extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc.

Garnishment: A legal summons or warning concerning the attachment of property to satisfy a debt

Income Withholding for Support (IWO): The IWO is the OMB-approved form used for income withholding in tribal, intrastate, and interstate cases as well as all child support orders that were initially issued in the state on or after January 1, 1994, and all child support orders that were initially issued (or modified) in the state before January 1, 1994 if arrearages occur. This form is the standard format prescribed by the Secretary in accordance with USC 42 §666(b)(6)(A)(ii). The OMB-approved IWO must be issued to employers or other income payers to collect child support.

Internal Revenue Code (IRC): The Internal Revenue Code, formally the Internal Revenue Code of 1986, is the domestic portion of federal statutory tax law in the United States, published in various volumes of the United States Statutes at Large, and separately as Title 26 of the United States Code.

Minimum Wage: The lowest wage paid or permitted to be paid specifically fixed by a legal authority or by contract as the least that may be paid either to employed persons generally or to a particular category of employed persons.

Overtime: Overtime is time and a half of what an employee earns for every hour worked over 40 in a workweek. The FLSA salary threshold is the minimum salary employers must pay employees for them to be exempt from overtime wages.

SOX -Sarbanes Oxley Act: The Sarbanes-Oxley Act of 2002 is a federal law that established sweeping auditing and financial regulations for public companies. Lawmakers created the legislation to help protect shareholders, employees, and the public from accounting errors and fraudulent financial practices.

Wage: A fixed regular payment, typically paid on a daily or weekly basis, made by an employer to an employee, especially to a manual or unskilled worker.


Guest Speaker

  • Vicki M. Lambert, CPP

HRCI Credit

Human Resource Certification Institute
This program has been approved for credit hours through the HR Certification Institute. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org.

SHRM Credit

Society for Human Resource Management
Aurora Training Advantage is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org.

ATAPR Credit

Aurora Training Advantage is offering continuing education points designed to recognize dedication to training and excellence in payroll.

CPE Credit

Continuing Professional Education

Aurora Training Advantage is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

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You must answer all questions during the webinar, view the recording completely and pass the test at the end with 70% correct answers to receive CPE credit.