Handling Payroll Overpayments
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. This webinar will give participants the tools to analyze all types of employee overpayments and how they handle proper taxation and meeting federal and state laws that affect how overpayments are properly handled. 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.Areas Covered Type of OverpaymentsRegular pay/BonusesLoans/Advances Non-cash overpaymentsTax ConsiderationsOverpayments in the current yearOverpayments in a prior yearYear-end ReportingFederal & State LawMinimum WageState LawsMethods of RepaymentWho Should AttendPayrollHRCompensation ProfessionalsWhy Should You Attend Review of different types of overpayments from regular pay to non-cash items such as laptops given to employeesDiscuss employee loans and advances and how to handle themDiscuss the tax implications of overpayments made in the current year and those made in a prior tax yearSpecial year-end reporting concerns for employees that have been overpaidWhat are the best methods of repaymentWhat special state and federal laws should be considered when collecting overpaymentsUnderstanding the impact of overpayments may be different for hourly employees versus salaried employeesReview the IRS “claim of the right rule” and how it changed since tax reform
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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.
This webinar will give participants the tools to analyze all types of employee overpayments and how they handle proper taxation and meeting federal and state laws that affect how overpayments are properly handled. 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.
Areas Covered
- Type of Overpayments
- Regular pay/Bonuses
- Loans/Advances
- Non-cash overpayments
- Tax Considerations
- Overpayments in the current year
- Overpayments in a prior year
- Year-end Reporting
- Federal & State Law
- Minimum Wage
- State Laws
- Methods of Repayment
Who Should Attend
- Payroll
- HR
- Compensation Professionals
Why Should You Attend
- 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 the 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 the IRS “claim of the right rule” and how it changed since tax reform
