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Wage Overpayments – Prevention and Recovery
Recovering wage overpayments can be a time-consuming and sometimes challenging process for payroll professionals. Accuracy is an essential element in the payroll process, but error-free payrolls are rare. A survey by Cyber Shift and the American Payroll Association found that 20 percent of employers reported error rates of 1 to 5 percent of payments during typical payroll processing. Recovery of an overpayment may also create reporting and recordkeeping issues related to taxes and fringe benefits. Use of improper or illegal recovery methods may lead to imposition of fines, penalties, or other sanctions on an employer. This webinar will give participants the tools to analyze all types of employee overpayments and when overpayments may be recovered using payroll deduction and when payroll deduction may be limited by state or federal wage and hour laws or when employee consent is required.
The 90-minute webinar will be conducted by Patrick Haggerty is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent taxpayer's at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars and presentations on a variety of topics including Payroll tax issues, FLSA compliance, information returns, and accounting.
· -Know the common causes of wage overpayments
· -Understand how company policies and controls can minimize wage overpayments or mitigate the effects of wage overpayments
· -Know the federal and state rules with regard to recovery of overpayments and the consequences of non-compliant recovery methods.
· -Understand the procedures for reporting recovery of wage overpayments during the year of overpayment, a subsequent year, and for partial repayments.
· -Know how to compute and report tax adjustments for repayments.
· -Best practices for avoiding, detecting, and controlling wage overpayments.
· - How establishment and communication of employer policies and internal controls can prevent overpayments and minimize costs.
· -Tax computations when there is a partial recovery.
· -The common causes of overpayments such as late termination paperwork, leave of absence errors and failure to terminate automatic payments.
To register for the webinar, visit https://www.edupliance.com/
Edupliance is a online information provider which offers webinars (Live and On-Demand), DVD's and downloadable resources that cover concurrent topics pertaining to various industries. With an expert panel of guest speakers, Edupliance brings state-of-the-