Payroll Management

Ineffective payroll management and shoddy payroll systems can result in personal liability (including JAIL TIME) for non-compliance.

Business Management Daily helps our readers with information on payroll processing and tips on timesheets that will help you to implement payroll programs that pay off.

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As a Payroll professional, what’s your job? Accord­­ing to Lisa Poole, CPP, corporate payroll manager for Simmons Bedding Corp., your job is to protect the company’s assets, protect employees’ data and remain compliant. Internal payroll audits help you do all three.

The results of the IRS’ 401(k) Excess Deferral Project are in, and they reveal a high failure rate for pretax contribution amounts that were reported on employees’ Forms W-2. The finding: 75% of employers needed to correct their W-2s.

Employer Identification Number theft is the poor stepchild to Social Security number theft—but it’s a growing problem. If it happens to you, EIN theft will cost time and money as you unravel the complications with the IRS. Final regulations begin to take aim at the problem.

This chart summarizes the states' final-pay laws. States without laws have been omitted.
NOTE: Saturdays, Sundays and legal holidays as observed in the District of Columbia are taken into account to determine due dates. Under the federal deposit rules, you’re allowed a deposit shortfall of the greater of $100 or 2% of your tax liability.
Q: Must nonexempt employees enter the time they leave and return from lunch, or can we assume that they took their lunch hours unless otherwise noted in their time records?
Your payroll department won’t become audit bait if you file a Form 941-X to correct a previously filed Form 941, keep good records, file returns on time and respond to IRS notices, according to an IRS senior program analyst for employment tax policy. What does put you in the audit hot seat?
Q: How do we record this work shift: Our workweek begins and ends at midnight on Sunday. An employee works eight hours Monday-Friday, 9:00 a.m. to 5:00 p.m., for 40 hours, and then works an additional shift from 6:00 p.m. Saturday to 3:00 a.m. on Sunday?

Metrics can add value to the Payroll department, said Linda Obertin, vice president at Fidelity Investments, at the American Payroll Association’s Annual Congress. To implement a metrics program, Obertin highlighted these six steps:

If your business is moving, be sure to file Form 8822-B with the IRS. Failure to notify the IRS of a change of address recently prevented a taxpayer from contesting a lien for unpaid taxes.
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