As much as payroll professionals complete audits and validations each payroll, mistakes do happen and employees get overpaid.
But once an employee has been overpaid, getting the money back is only one challenge. Depending on the type of overpayment, payroll professionals are faced with how to untangle the tax and compliance requirements, as well as the various state laws covering deduction of pay from employees. And many of these laws recently have changed!
This training session gives participants the tools to analyze several types of employee overpayments, and overview – and update – on the various federal and state laws that affect overpayments, plus guidance on how to the handle the specific recoupment and taxation issues properly.
- Review of different types of overpayments from regular pay to non-cash items, such as laptops, given to employees
- The impact of overpayments for hourly employees versus salaried employees
- The IRS “claim of right rule”
- The tax implications of overpayments made in a current and/or a prior tax year
- What special state and federal laws should be considered when collecting overpayments
- Employee loans and advances – and how to handle them
- What are the best methods of repayment
- Special year end reporting concerns for employees that have been overpaid
- Business Owners
- HR Professionals
- Payroll Professionals
- Finance Professionals
- Book keepers
- Accounting Professionals