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Overview: This webinar concentrates on how payroll and accounts payable must work together to ensure compliance with taxation and reporting requirements. AP and payroll need to work hand-in-hand during the year. Employees are given payments for expenses or are provided benefits that may be impractical to process through payroll, so they are processed through AP.

These can include such disbursements as business expense reimbursements, educational assistance, auto allowances, relocation or moving expenses, club dues, medical expenses, dependent care, employee referral awards, and suggestion awards. Some benefits do not involve direct payment to employees but may be taxable nonetheless. These include personal use of a company vehicle, in-kind dependent care, health club memberships, employer-provided meals, length-of-service and safety awards, free use of company-provided services, cell phones, Christmas or other holiday gift certificates, and employee recognition awards. This webinar discusses these types of payments and how to ensure that the information is requested by payroll and provided by accounts payable in a professional and timely manner.

Why should you attend: Compliance with IRS regulations is a must for payroll departments. But sometimes they need help or information from other departments, especially accounts payable. Employers often furnish fringe benefits directly to the employee via accounts payable. But these benefits may be taxable, nontaxable, reportable or non-reportable or some combination thereof. Each payment is different and a determination must be made as to how it is to be processed.

And who should accept the responsibility to make this determination and the consequences if they are wrong? Without payroll and accounts payable working together all year long, some of these payments will be misclassified. And with the IRS discovering that this is indeed an area of concentration for them in the coming months and years, now is the time to ensure that payroll receives the information they need. But get it without overloading accounts payable in December yet avoiding those costly penalties, fines and interest that come with an audit.

Areas Covered In the Session:

• How sharing information all year long instead of only at year end ensures greater compliance
• Why payroll should make the call when deciding what is or is not taxable and reportable under the IRS rules and who gets the personal penalties if there is an error.
• Why payroll should come to AP for the information and not vice versa and why AP should make sure they do
• What is the only payment off the table when it comes to taxing and reporting through payroll and why it that may not apply in all cases.
• When De Minimis applies and when it does not when it comes to taxation.
• When are moving expenses taxable and reportable and when only taxable or only reportable.
• How auto allowances may be taxable one month and not the next.
• When employee achievement awards are taxable and when they are not.
• When cell phone bills must be scrutinized for taxable wages.
• When employee achievement awards must be reported.
• How gifts certificates must be handled to comply with IRS regulations

Who will benefit:

• Payroll professionals
• Human Resources
• Accounting Personnel
• Business Owners
• Lawmakers
• Attorneys, or any individual or entity that must deal with the complexities and technicalities of the payroll process.