Payroll Record Retention

Duration: 60 minutes

Speaker: Debbie Cash, CPP

CREDITS:

Available On-Demand

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ABOUT THE EVENT

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”?

This topic will give you guidance on how long each type of record must be retained according to IRS and State guidelines. 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.

Learning objectives:

To discuss the types of payroll records that must be retained.
To analyze the requirements for each type of payroll record.
To inspect 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.

Areas Covered:

Avoid Liabilities-Payroll Record Retention

I. Types of Payroll Documents

941 & 940 Tax Forms
W-2’s-Original and Undeliverable W-2’s
Timesheets and Piecework
Schedules
Records for Additions/Deductions from Wages
Wage Tables, Collective Bargaining Agreements
State Taxes
Local Taxes

II. Retention of Documents

All IRS Tax Returns and W-2’s
Time Records
Payroll records, Collective Bargaining Agreements, Sales/Purchasing Records
State and Local Tax Returns

III. Specific State Laws

New York
California
Illinois
Washington

Who Should Attend:

Payroll Supervisors and Personnel
Accounts Payable Supervisors and Personnel
Public Accountants
Internal Auditors
Tax Compliance Officers
Enrolled Agents
Officers and Managers with Tax Compliance Oversight
Company / Business Owners
Managers/ Supervisors
Public Agency Managers
Audit and Compliance Personnel / Risk Managers

Speaker(s)

Debbie Cash, CPP

Debbie Cash, CPP is a Manager of TLM Implementation at G&A Partners. G&A Partners is a Professional Employer Organization (PEO) that offers payroll, human resources, benefits management, risk management, and accounting services for businesses. G&A Partners acquired Employer Advantage LLC (PEO) in February 2022. Debbie began working for the organization in 2006 as a Payroll Tax Specialist and Time and Attendance Specialist. She was promoted to Time/Labor Manager in 2021.

CEUs

The use of this seal confirms that this activity has met HR Certification Institute’s® (HRCI®) criteria for recertification credit pre-approval.

Credits: 1.0

Compliance Prime is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for PDC(s) for the SHRM-CP or SHRM-SCP. For more information about certification or recertification, please visit www.shrmcertification.org

Credits: 1.0

Compliance Prime is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: https://www.nasbaregistry.org.

Credits: 1.0

Credits: 1.0

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