Paycheck Administration Pitfalls: Steer Clear Of These Common Mistakes And Avoid Costly Legal Risks

Webinar: ID# 1023744
Recorded On-Demand
About This Course:
Dealing with employee compensation doesn’t just stop when you arrive at a fair wage. There are pesky pitfalls attached to generating paychecks and many easily overlooked components that are required, deductions for taxes, W-9s, and more.

With the omnipresence of direct deposit, for most companies, payroll does not mean having to deal with hard copy checks anymore. However, your state may require that you provide pay stubs for your employees, even if they do get direct deposit.

Though, pay cards are becoming more popular, you still need to keep track of withholdings and deductions, etc. In addition, your state’s law could differ from others in how to handle this payment format.

Finally, there are the issues of reimbursements, fringe benefits, and final paychecks. These three payroll administration areas can be particularly tricky to maneuver.

Don’t get stuck in the payroll administration mud! Join us when Kate Bischoff and Elizabeth Bystrom, two payroll experts will explain how to avoid paycheck administration pitfalls and how to navigate through tricky paycheck administration related issues from final paychecks, reimbursements, fringe benefits, and more.

You’ll learn:
  • Missteps to avoid concerning direct deposit and pay cards that could lead to costly legal penalties
  • How to accurately account for the fair market value for awards when employees receive their income
  • How to manage reimbursements, including how to tell which reimbursements should be excluded from reported wages
  • How to account for the value of taxable fringe benefits in employees’ income
  • How far your legal obligations extend concerning payment of final wages—and where to look to find applicable state laws that could affect your payroll administration compliance obligations
  • Payroll recordkeeping essentials—what to keep and for how long
  • And more!
About Your Presenters:

Elizabeth Bystrom
Owner, Founder
Elizabeth Bystrom CPA, Ltd.

Elizabeth Bystrom CPA, Ltd. is a small business built on relationships. Ms. Bystrom’s technical specialties include small business consulting and individual income tax. Before building her own business, Ms. Bystrom worked for some of the brightest minds available at Redpath & Co. During her ten years with Redpath & Co, she worked in widely various departments, including: compilation and review, sales tax and payroll tax compliance, payroll research, and management of bookkeeping and accounting staff. Working in the corporate tax department brought Ms. Bystrom to both accounting consulting with corporate tax clients, as well as corporate income tax. Her final five years with Redpath & Co. were spent in the individual income tax department, working closely experienced tax partners.

Ms. Bystrom built her own business to enable her to achieve a work/life balance that suited her family. She is licensed as a Certified Public Accountant in the state of Minnesota, and spokesperson for the MNCPA.

Kate Bischoff, Esq., SHRM-SCP/SPHR
tHRive Law & Consulting LLC

An enthusiastic management-side attorney and SHRM-SCP/SPHR-certified human resources professional, Kate Bischoff advises organizations in a wide range of industries on employment law and employment decisions, from recruitment and workplace culture to terminations. Her strengths include ensuring human resources policies and practices are compliant with federal and state laws, training employees and managers on equal employment opportunity and other supervisory topics, and handling investigations into employee grievances and complaints. Ms. Bischoff is passionate about improving company culture and using technology (social media and big data) in the workplace. Ms. Bischoff also litigates employment cases, including discrimination, harassment, wage and hour, and contract matters. After several employment law trials, she speaks from experience when advising clients when administrative and court matters commence. Prior to founding tHRive Law & Consulting, Ms. Bischoff worked as an attorney at Zelle LLP and served as a human resources officer for the United States Department of State at the U.S. Embassy Lusaka, Zambia and for the U.S. Consulate General Jerusalem.
Paycheck Administration Pitfalls: Steer Clear Of These Common Mistakes And Avoid Costly Legal Risks
Available or On-Demand format
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