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Accounting Standard Best Practices for Payroll Compliance
- Payroll Compliance Considerations
-The Internal Revenue Service (IRS)
-International Financial Reporting Standards (IFRS)
-The Fair Labor Standards Act (FLSA)
- Withholding, Depositing and Reporting of Wages and Taxes
- Salaries, Wages, and Overtime Pay
- Payroll Taxes, Cost, and Benefits Paid by Employers
- Payroll Business Process Risks and Challenges
Overview of the webinar
The processing of an employee’s paycheck from gross to net must be done in a strict yet varying regulatory environment. This webinar focuses on the account standard best practices for the payroll process with valuable information that will help your company avoid compliance issues and potential fines. Accounting payroll procedures help senior managers ensure that staff compensation amounts included in financial statements are accurate and complete and conform to generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS). IFRS and U.S. GAAP require accountants to include payroll data as expense items in the statement of profit and loss. A controller must be aware of the regulations which must be followed to ensure compliance that will prevent audits resulting in penalties, fines and interest, varying because the process is controlled by several entities on both the federal and state levels.
Who should attend?
- Controllers
- Payroll Executives
- Human Resource (HR) Executives
- Risk Officers
- Internal Auditors
- Accounting Personnel
Why should you attend?
Education is power! There are not many other industries, that this concept could not be truer. Some of the process such as determining gross pay is regulated by either the federal Department of Labor (DOL) or the state’s equivalent depending on which one favors the employee, while others such as when an employee must be paid is governed strictly on the state level. While still other processes such as determining taxable gross wages is controlled by the Internal Revenue Service (IRS). The employer is responsible for determining the correct regulation to follow for each process and ensure the proper accounting standards are in place. Reporting and depositing payroll taxes to the appropriate agency in an accurate and timely manner is vital to your company. Late or inaccurate deposits may result in penalties and interest charges. These complex payroll tax requirements may seem intimidating but by learning a few simple concepts, you will gain an understanding of the best practices accounting standards for the payment process.
Faculty - Mr.Craig Taggart
Craig Taggart has almost a decade of experience in the fields of mergers and acquisitions and business financing. Mr. Taggart works strategically with his clients to achieve the highest value for their business within the capital markets. His experience with BCC Capital Partners in the M&A industry has greatly contributed to his understanding of transaction structure, strategic placement of buyers, and the attainment of maximum market value for his clients.
He has represented and sold many businesses in a number of different industries and has significant experience working with companies in: continuing education, transportation, software and professional services. Mr. Taggart is currently working in the clean energy sector that covers multiple initiatives within M&A and corporate development.
He is a certified merger and acquisition advisor, accredited valuation analyst as well as an active member of Alliance of Mergers and Acquisition, and The National Association of Certified Valuators and Analysts (NACVA). Mr. Taggart has been a certified fraud examiner since 2011 and has owned an investigative franchise business, which focused on fraud based cases involving insurance, asset searches, surveillance, witness statements.