Payroll is one thing that all businesses have in common.  Along with processing payroll comes many different payroll records required to process the payroll.  Each type of record has different requirements of how long you must retain those records.  

Payroll departments receive and submit hundreds of thousands of bits of data every 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.

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 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.

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.  I will touch on a few of these States and give guidance on how to find out more information about their regulations.

Each different type of document will be discussed in regard to how long you are required to keep the documents.  This will include timesheets, payroll changes, additions/deductions from Wages, State taxes and many more.

Course Objectives:

• How long to keep each type of payroll document

• Which documents are considered payroll documents

• Specific State Laws regarding record retention

• How to find details on the State Laws

• Descriptions of each specific document

Why Should You Attend:

Every company should be aware of how long to retain payroll documents.  Being involved in a payroll or 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 to 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 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.  

Course Outline:

• To discuss the types of payroll records that must be retained.

• To analyze the requirements for each type of payroll record. 

• To inspect for how long payroll records must be kept.

• To different State requirements for record retention.

• To discuss information and guidelines by specific states with different requirements.

What You Get:

• Training Materials

• Live Q&A Session with our Expert

• Participation Certificate

• Access to Signup Community (Optional)

• Reward Points

Who Will Benefit:

Payroll Professionals, Small Business Owners, Bookkeepers, Managers, Tax Professionals