Details
Employees can be overpaid in even
the most well managed payroll department.
Yes, it does happen when mistakes are made but it isn’t always the
result of an error. Perhaps the employee
received a sign on bonus but did not stay for the required length of time. Or
the employee was advanced vacation but is now terminating before he or she has
fully earned the time. No matter the
reason, overpayments can and do happen and must be handled properly. The first questions that usually arise
relate to IRS regulations. What is
required if the overpayment occurred this year?
But what if it occurred in a previous tax year, does that change the
rules? Are the rules different for
federal income tax than they are for social security or Medicare taxes?
Recouping overpayments is also
much more complex than just adhering to IRS code! Wage and hour law compliance
must also be honored when dealing with overpayments. Before the payroll
department even needs to determine IRS requirements they must first determine
if recouping the over payment is even legal under the FLSA. Issues such as exempt employee status,
minimum wage and overtime rules for nonexempt employees must be considered when
recovering overpayments from employees.
And of course, the overpayment
did not occur in a vacuum when it comes to state laws. Each individual state
may have their own compliance issues involving wage and hour laws! Is there a time limit for recouping the overpayment
in that state? Does the employee have to be notified in advance before the
deductions can begin? Or does the state
just say NO! to the whole process?
Key Areas -
Handling Overpayments under IRS
and State Tax Codes:
·
Why a 1990 IRS Private Letter Ruling on handling
overpayments applies today
·
Correcting overpayments in the same calendar tax
year
·
Why asking for the gross is better than the net
check for prior year overpayments
·
Correcting FICA taxes for a prior year overpayment
·
Correcting FUTA/SUI taxes
·
Using Form W-2 or Form W-2c to report overpayments
Wage and Hour Laws and Their
Impact on Recouping Overpayments:
·
The standards under the FLSA in terms of timeframe
for recouping prior year overpayments
·
Is a written agreement for repayment always
required under the FLSA
·
Collecting overpayments from exempt employees and
its effect on salary basis compliance
·
Recouping overpayments and its effect on minimum
wage and overtime requirements
·
Can employers treat advanced vacation payments as
overpayments if an employee terminates
·
Where do the states stand on recouping
overpayments
Why You Should Attend:
We will discuss these regulations
and more including the private letter ruling that governs the IRS requirements.
We will examine the FLSA requirements on recouping overpayments including the
1998 opinion letter that spells out these requirements. We will also discuss
how to conduct research to determine the state’s requirements for handling
overpayments. We will review the wage and hour laws of several states and the
factors that they use to determine if an overpayment can be recouped.
Who Should Attend
·
Payroll
Executives/Managers/Administrators/Professionals/Practitioners/Entry Level
Personnel
·
Human Resources Executives/Managers/Administrators
·
Accounting Personnel
·
Business Owners/Executive Officers/Operations and
Departmental Managers
·
Lawmakers
·
Attorneys/Legal Professionals
·
Any individual or entity that must deal with the
complexities and requirements of Payroll compliance issues
Credits
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JIT Trainings is recognized by SHRM to offer Professional Development Credits (PDCs) for SHRM-CP® or SHRM-SCP® recertification activities.
Vicki M. Lambert
F.A.Q
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Recorded webinars or On-Demand are self-paced audio-visual training program that you can watch at your own pace to earn Continuing Education Units (if applicable). Online, recorded training courses are accessible whenever you choose, for an unlimited number of times. Additionally, you have three months from the purchase date to watch as many times as you like. After a live training or webinar has started, you will receive the instructions and link to access the recorded training course. If it has already been recorded, you can access it right away.
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When and how will I receive information on how to participate in live Training Course or Recorded Training Course?
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Are there any discounts offered for training a group or multiple participants?
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Why have I not received the Email invitation with the link for the webinar?
Please verify that the email address you provided when joining up with us is accurate. If so, kindly check to see if the email was delivered to your spam or bulk mail folder. If you are still unable to locate this email, we kindly ask that you get in touch with our customer support team by phone or email using the information on the Contact Us page.
Can I share my recorded webinar access link or content with my other colleagues?
The terms and conditions established prior to the purchase were clear that the link supplied was just for your use. Anyone else you know who wants to watch this recorded webinar must do so on their own dime. The recorded webinar is only available as a streaming option; downloading is not permitted.
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Recorded$ 155
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E-transcript$ 165
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Recorded + E-transcript$ 175
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Recorded with Copyright$ 185
