Handling Payroll Overpayments Correctly (2018 UPDATES)
About this course
Watch RECORDED Session for Just $99
Training Duration: 60 Minutes
Access any day, anytime, unlimited times as per your convenience*
Employees can be overpaid in even the most well managed payroll department. Yes it does happen when mistakes are made but it isn’t always the result of an error. No matter the reason, overpayments can and do happen and must be handled properly. The first questions that usually arise relate to IRS regulations. What is required if the overpayment occurred this year? But what if it occurred in a previous tax year, does that change the rules? Are the rules different for federal income tax than they are for social security or Medicare taxes?
As much as payroll professionals complete audits and validations each payroll, unfortunately mistakes happen and employees get overpaid. Once an employee has been overpaid getting the money back is only one challenge, payroll professionals are faced with how to untangle the tax and compliance requirements when getting money back from employees. Get all your queries answered in this Live webinar or watch the recording* on any device, anywhere, anytime, unlimited times conducted by the industry renowned expert Dayna Reum.
Areas Covered in the Session:
- Review of different types of overpayments from regular pay to non-cash items such as laptops given to employees
- Discuss employee loans and advances and how to handle them
- Discuss the tax implications of overpayments made in current year and those made in a prior tax year
- Special year end reporting concerns for employees that have been overpaid
- What are the best methods of repayment
- What special state and federal laws should be considered when collecting overpayments
- Understanding the impact of overpayments may be different for hourly employees versus salaried employees
- Review of the IRS “claim of right rule”
Why Should You Attend:
This webinar will give participants the tools to analyze all types of employee overpayments and how to handle the proper taxation, and meeting federal and state laws. Laws in the deduction of pay from employees have changed in several states within the last couple of years; this webinar will give you the skills to properly handle these new laws.
Who Should Attend :
- Payroll Professionals
- Human Resources
- Accounting Personnel
- Business Owners
- Employee Benefit Professionals
In this Recorded Session, you can listen to Q&A which includes direct answer from our expert speaker.