Payroll's Impact on Employee Benefit Laws
1 hour 30 minutes
Learn best practices of well-run payroll functions and warning signs of practices or gaps that could result in liabilities, penalties, or litigation.
Today’s employee benefit laws place many demands on employers’ payroll administrators. Failing to properly withhold and pay payroll taxes on employee benefits, and report them to the IRS, at the time and in the manner prescribed, can result in higher taxes, penalties, and interest. Failing to process wage withholding elections correctly, and forward employee contributions and loan payments in a timely manner, can violate federal and state laws and result in excise taxes and other fines, and require costly corrections requiring disclosures to the IRS or other agencies. Employer HR departments also rely on payroll administrators to provide information such as employee compensation necessary for the proper calculation of benefits. This topic will help persons responsible for an employer’s payroll functions - whether inside or outside the employer - understand their obligations and best practices to avoid costly errors or omissions.
• You will be able to discuss employee benefit laws.
• You will be able to describe the many obligations imposed on an employer’s payroll administrator to ensure compliance with various employee benefit laws, including federal and state tax laws and labor laws.
• You will be able to identify best practices of well-run payroll functions and warning signs of practices or gaps that could result in liabilities, penalties, or litigation.
• You will be able to review benefit election forms, benefits-related payroll tax forms, and contracts with payroll administrators.