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Payroll Updates will give you an understanding of the latest regulation changes that impact your company including but not limited to; Changes in the duties test, updated "Primary Duties" and "Permit to Suffer" changes, how to classify "working time or worked time", exempt and non-exempt, proposed rules changes in classifications for 2016 "new rules", how to calculate overtime, understanding taxable gifts, bonus and awards (parking, achievement awards, length of service awards, athletic facilities, deminmus benefits, 2016 mileage rates, common pitfalls of Wage and Hour laws that can be costly, when you can give 'Comp Time" instead of overtime, Misclassification of Employees as Independent Contractors, understand common Law Rules-Facts that provides evidence of the degree of control and independence plus Best Practices in Payroll
Why should you Attend: What your company does not know can hurt them. That's never more true than dealing with payroll. The first step to complying with regulations is understanding them.
Payroll management sounds like a simple process, on the contrary, it can be a daunting task. Payroll laws and regulations are constantly changing making payroll into a legal mine field and easy to make mistakes. Companies are finding their selves on the wrong end of lawsuits, audits, investigations and claims for payroll regulation violations daily.
In this ever changing world of business, it is critical that we correctly determine whether the individuals providing services to our companies are employees or independent contractors and per the statutes report such in the correct manner to avoid audits and other enforcement efforts. The IRS says if you treat employees as nonemployees you will be liable for all social security and Medicare taxes and withholding taxes for the entire period of misclassification plus all penalties and interest. The employer also must be aware the with the Federal & State governments systems share any non compliance.
With this world of competitiveness, businesses are pushed to supply customers the best prices. One of the way companies are trying to cut expenses is reclassifying employees.
As your self this question: Can your company afford to make a million dollar mistake?
Case in point: Recently a US employer was assessed a $18.3 million dollar fine by U. S. Department of Labor for Payroll Violations (DOL September 29, 2015).
Areas Covered in the Session: