AP & Payroll Working Together to Be Compliant
Payroll is considered both a human resources and a finance function. Companies choose what makes sense for how they do business on which function payroll reports to. No matter how your company has chosen its structure for reporting purposes, payroll professionals need to interact with the AP department for all kinds of payments and reporting requirements. This shared partnership is critical for any business to stay compliant and minimize reporting and payment mistakes.
This webinar will give you insight on best practices for working together to achieve the shared goal of compliance for your company.
Detailed discussion on the difference between the 1099 and the Form W-2 and which department should report what.
Discussion on employee versus independent contractor and how to tell the difference
Director Fee payments and how to handle them correctly
Death payments and what is reported by payroll and what AP should report
Legal Settlement Payments and how those should be paid and reported by payroll and AP
How to best handle business expenses along with taxability concerns
Review of the cost of non-compliance for tax withholding and tax reporting purposes
What does each department need from each other to be successful
Discuss fringe benefits and the impact
Form W-9 what it is and who should be responsible for it.
Common mistakes each department makes that can be costly to the company
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