Payroll is one thing that all businesses have in common. Along with processing payroll comes many different payroll records required to process the payroll. Each type of record has different requirements of how long you must retain those records.
Payroll departments receive and submit hundreds of thousands of bits of data every year. Employee master file data such as name and social security number, employee forms such the Form W-4, report to the IRS such as Form 941, state unemployment insurance quarterly returns, termination dates for employees, and even child support withholding orders.
A critical question that every payroll professional must ask and more importantly answer is “What am I required to keep, in what format, and for how long”?
The time over which payroll records must be retained will depend upon government requirements. The Internal Revenue Service typically states a required retention period in each document it issues dealing with payroll issues. In general, wage calculations should be retained for two years, while collective bargaining agreements should be retained for three years.
Who Should Attend
Payroll Tax Professionals, Bookkeepers, Small Business Owners, CPA’s, Tax Preparers, Managers
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