Overview
This is a basic skills and knowledge webinar that provides an overview of common problems encountered in payroll and methods for prevention, mitigation, and resolution. The discussion will include when the use of specific forms may be required, such as Form 941-X, Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund and Form W-2C, Corrected Wage and Tax Statement. Special procedures related to fringe benefit withholding, deceased employee wages, and misclassified employees will be covered.
Why Attend
Special circumstances and infrequent transactions can require special procedures outside the regular flow of payroll processing. Understanding when a special process is required can facilitate processing and prevent errors. Knowing how to process or correct irregular situations that affect payroll is vital knowledge for any payroll practitioner. This webinar will help you:
- Identify various payroll errors and know how to correct them.
- Know how to respond to paycheck problems that may arise after the check has been issued
- Recognize when special reporting procedures may be required such as back pay, special wage payments, and deceased employee wages.
- Understand the rules for reporting and withholding for non-cash and salary reduction fringe benefits
- Recognize potential fraud issues
- Understand the importance of Form W-4 and the related compliance issues.
Areas Covered
- Prevention and correction of withholding errors
- Correction of wage overpayments and underpayments
- Overtime compensation corrections and adjustments
- Employee misclassification – employee/contractor and exempt/non-exempt
- Paycheck issues: Unclaimed wages, Lost/stolen paychecks / Holder in due course
- Back pay awards and special wage payments
- Paying and reporting deceased employee wages
- Accrued fringe benefits and salary reduction arrangements
- The “Special Rule” for fringe benefits
- Fraud issues including ghost employees
- Policy and Internal controls
- W-4 issues: Invalid, name/number mismatch
- Target Audience
Who will benefit
- Payroll Professionals
- Public Accountants and Enrolled Agents
- Tax Compliance Officers
- Officers and Managers with Payroll or Tax Compliance Oversight
- Company / Business Owners
- Managers/ Supervisors
- Public Agency Managers
- Audit and Compliance Personnel
About the instructor
Patrick A Haggerty, EA
Patrick Haggerty is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988.
He is licensed as an Enrolled Agent by the U. S. Treasury to represent taxpayers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars and presentations on a variety of topics including Payroll tax issues, FLSA compliance, and information return reporting.