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Choosing The Right Pay Instrument And Pay Period For Your Company
- GUIDANCE ON RECORDKEEPING - we will summarize the regulations for payroll recordkeeping that satisfy the FLSA and IRS rules. Specifically:
- Types of Records and the Information they should contain
- Specific rules from the Fair Labor Standards Act and the IRS about proper recordkeeping
- The IRS procedures on electronic records
- Paychecks vs Direct Deposit - The two most common types of pay instruments
- Pros and Cons of Each
- Privacy and Control
- Cost and other considerations
- Payroll Pay Cards - Are they right for your company?
- When is it a good alternative to checks//direct deposit?
- What are the benefits to both employers and employees
- What are the Federal regulations concerning Pay Cards
- Paying in Cash - Yes, it is legal. But much caution must be used for proper recordkeeping and tax compliance.
- The importance or proper recordkeeping
- Proper taxation advice
- Guidelines and Legality in the States
- Recommendations and Best Practices
- Paying Under the Table - Illegal and Potentially Costly
- Pay Period Choices - How to choose the right one for your business
- Common pay period choices for most businesses.
- Pros and Cons of each
- How to properly change your pay frequency - the Best Practices and guidelines for smooth transition and employee communication
- Pay Frequency Laws from the Federal and State Governments
Overview of the webinar
There are many different types of pay instruments, from checks to cash. All have pros and cons for you company. Additionally, the pay period that you choose for your staff can promote goodwill, or lead to bad feelings. Therefore, choosing the right one for your company’s budget, and the right ones for you employees, are important choices.
Who should attend?
- Payroll and HR Managers and Staff
- Compensation and Hiring Staff
- Finance and Operational Managers
- Executive Staff
- Auditors and Reviewers
Why should you attend?
We can start with recordkeeping requirements. Do you know what information must be kept on-hand to comply with Federal reporting requirements? The answer lies not in what forms you must keep, but what types of information should be contained therein. Also, learn what is necessary for compliance with electronic recordkeeping.
From there, we will discuss in detail the two most common types of payroll agents – Checks and Direct Deposit. Do you know how to evaluate which is best for your business and its employees? Learn how to decide to use one, the other, or both.
There is one growing option – that of payroll pay cards. These are debit cards that receive net pay amounts for employees to access as they see fit. Do you know the regulations that govern them? In addition to their advantages, learn the privacy, cost and control issues you must adhere to.
Did you know that paying in cash is legal? Although it is, it is not usually recommended. However, if you so choose to pay in cash, you must learn the myriads of recordkeeping requirements for both pay, withholding and employer taxes. We will talk about best practices for use of cash payment. We will also discuss the one illegal form of paying in cash, that of “paying under the table.”
Finally, have you thought about the right pay period choices for your business? You can choose most any that you like within a monthly timeframe. How do determine what is best for your business? We will go over the advantages and disadvantages of the most common. You will also learn how to change pay periods when you so choose.
Faculty - Mr.Mark Schwartz
Mark Schwartz is an employment tax specialist and has over 15 years of employment tax experience as an independent consultant and as a payroll tax auditor with the State of California. He has managed an audit caseload of 20 ongoing audits, from small home-based businesses to large multi-national corporations. He is expert at defining regulatory and statutory requirements from local, State and Federal government agencies; and helping the average businessperson understand what that mean to their business. He has processed weekly and bi-weekly payroll checks plus tax forms for businesses with hourly as well as exempt workers, multistate operations and a wide variety of benefits. Mr. Schwartz provides consulting services encompassing payroll processing and payroll tax issues. These include payroll tax minimization, payroll tax compliance reviews, independent contractor studies, use of electronic transfers, deductions, benefits, etc. Markhas represented both clients and the State in front of the State Appeals Board.