Patrick HaggertyOwner, Tax and Consulting Services
Pat Haggerty is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent taxpayers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars and presentations on a variety of topics including Payroll tax issues, FLSA compliance, information returns, and accounting.
Live-webinar by: Patrick Haggerty
Recorded-webinar by: Patrick Haggerty
Mastering AP Internal Controls: Mitigating Risk and Safeguarding Against Fraud
Are you ready to level up your skills and become a fraud-fighting, risk-reducing master in your field?
The battle against asset losses due to devious fraud schemes is heating up, and organizations are on the hunt for professionals like you who can identify control risks and recommend the perfect solutions.
This webinar training will explain the process of internal controls in account payable operation as per the COSO framework, why it is required, and how to effectively implement it across the organization. Participants will learn how to master internal AP controls: preventive and corrective, to mitigate risk, ensure information system security and prevent fraud.
Multi-State Tax Issues for Payroll 2023
Employers face considerable compliance challenges when their employees cross state lines for work-related activities. Multi-state employment issues commonly arise for businesses with operations in multiple states. However, individual employees can also trigger compliance concerns when they work or reside in different states, telecommute across state lines, or relocate.
Payroll compliance is a critical aspect, involving the identification of states where the business must collect and remit income taxes, along with adherence to each state's specific tax collection, payment, and reporting rules. Additionally, there are unique regulations to determine the state responsible for receiving unemployment taxes for a particular employee. Beyond payroll, a significant non-payroll issue emerges concerning whether the employment establishes a business presence (nexus) in a specific state, potentially subjecting the employer to that state's income, franchise, sales, use taxes, or other state business taxes, along with related apportionment considerations.
In this dynamic and comprehensive webinar, participants will gain vital insights and valuable resources to recognize and effectively address multi-state payroll tax issues.
Securing Your Financial Operations: Internal Controls for Accounts Payable
In this webinar, we will explore systematic approaches to developing internal control systems, utilizing the COSO frameworks. The session will delve into various aspects such as risk assessment, creating a conducive control environment, employee training, and aligning control objectives with business goals. Additionally, we will provide an overview of the resources available from the IRS and the Federal Trade Commission for data security and control systems.
The accounts payable department is responsible not only for managing cash disbursements but also for handling confidential vendor information, such as tax ID numbers. Therefore, implementing effective internal controls is crucial for ensuring smooth operations. These controls play a pivotal role in safeguarding the company's assets, reputation, and sensitive information. Controls ensure that company records are accurate and complete, monitor compliance with company policies, legal and contractual obligations, and track progress towards organizational goals. Additionally, controls can help in identifying areas of operational inefficiencies, reducing costs, and preventing fraud and errors.
Recovering Wage Overpayments in 2023: Strategies and Best Practices for Employers
Recovering wage overpayments can be a time-consuming and sometimes challenging process for payroll professionals. Accuracy is an essential element in the payroll process, but error-free payrolls are rare. State laws governing the recovery of overpayments and adjustment of related taxes often vary from federal rules and from state to state. Recovery may be difficult or cause hardship for employees, particularly in termination cases.
Understanding your compliance obligations and responsibilities to your employees is critical. Recovery of an overpayment may also create reporting and recordkeeping issues related to taxes and fringe benefits. The use of improper or illegal recovery methods may lead to the imposition of fines, penalties, or other sanctions on an employer.
This webinar from expert Patrick A Haggerty will give participants the tools to analyze all types of employee overpayments and when overpayments may be recovered using payroll deduction and when payroll deduction may be limited by state or federal wage and hour laws or when employee consent is required.
Reimbursing Employee Business Expenses: Navigating Taxes (2023 Updates)
Employee expense reimbursement is one of the targets of a current IRS audit initiative. Employers often provide travel advances, business expense reimbursement, or use of company property to employees. Unless expense reimbursements are made under an accountable plan, the payments must be included in employee wages. Accountable expense reimbursement plans provide tax savings for both employers and employees. But insufficient documentation or faulty procedures can result in the reclassification of the reimbursements as wages. This results in additional tax and possibly penalties. An employer may even become liable for taxes it failed to withhold from the employee reimbursement.
This webinar will cover tax compliance for employee business expense reimbursements under both accountable and non-accountable employee business expense plans.
IRS Form 1099-K Update: 2022 Compliance and Changes for 2023
Form 1099-K is used to report certain payment transactions including payments by payment cards (credit, debit, or stored value cards) and payments in settlement of third-party network transactions or through third party settlement organizations. Such organizations, for example, include PayPal, Uber, Venmo, E-Bay, and Air B & B.
According to the IRS, Form 1099-K reports the gross amount of all reportable transactions processed by a reporting entity, such as a payment card processor or third-party network. However, some third parties may also report non-reportable transactions, such as splitting the check for a non-business meal in a restaurant.
This webinar will cover the latest updates for Form 1099-K including the change in the reporting threshold scheduled to begin for 2023 Forms filed in 2024. It will discuss issuers, recipients, reportable transactions, and provide examples of how amounts should be reconciled and reported on recipient income tax returns.
Mastering AP Internal Controls: How to Reduce Risk and Prevent Fraud
Accounts payable is not only responsible for control of cash paid by the business, but also handles sensitive vendor information such as tax ID numbers. Adequate internal control is an essential element of accounts payable operations. Controls serve to protect company assets including company reputation through protection of sensitive information and processes. Controls provide assurance that company records are accurate and complete. They monitor compliance with company policy and compliance with legal and contractual obligations and measure progress toward achievement of organizational objectives.
In addition, controls can result in cost savings through assessment and improvement of operational efficiency as well as the prevention, detection and mitigation of errors and fraud.
Overtime Computations for Non-Exempt Employees
Employers face special challenges when calculating overtime for non-exempt employees, whether paid on an hourly, piecework, or salaried basis. Payroll professionals must take into consideration commissions, bonuses, and other special wage payments, piece rates, shift differentials, multiple pay rates, and actual hours worked during a workweek when making their calculations.
Multi-State Tax Issues for Payroll
This session will cover the issue of nexus and its implications for a business, identification of the states for which the employer is liable for the collection and payment of income tax and state unemployment tax, and the determination of what is required in order to comply with the various state rules regarding tax collection, payment, and reporting.
There are significant compliance issues for employers when employees cross state lines in the course of employment. Frequently, multi-state employment issues arise when the employer has business locations in more than one state. However, issues also arise when individual employees perform services in more than one state, live in one state and work in another, move from one state to another, or telecommute across state lines.
Compliance issues directly related to payroll include identification of the states for which the business is liable for the collection and payment of income tax, and compliance with the rules for each state regarding tax collection, payment and reporting. In addition, special rules are used to establish the state that is to receive the unemployment tax for a particular employee. A very significant non-payroll issue is whether the employment creates nexus, i.e. a business presence, within a particular state and whether the employer is subject to that state’s income, franchise, sales and use, or other state business taxes imposed by the state and the related apportionment issues.
In this fast-paced and detailed webinar, attendees will receive crucial information and resources to identify and help resolve multi-state payroll tax issues. This webinar will provide you with information on required documentation and ways to avoid problems and penalties.
W-2 and Form 941 Corrections
Penalties for late filing or filing incorrect W-2 Forms are on the rise. In addition, penalties for incorrect information of Form 941 can also be costly.
The penalties are also indexed for inflation and will continue to increase each year. Penalties are reduced when errors are corrected quickly. It is important for payroll professionals to understand the rules that reduce or mitigate penalties and to act within the time limitations for maximum benefit. Understanding how to compute and process corrections by correctly completing Form W-2c is an essential skill.
This webinar will discuss methods for avoiding or correcting errors on Forms 941 and W-2 with a focus on how to make corrections where required so that penalties are eliminated, or minimized. The webinar will also discuss how to properly prepare and file Forms 941-X and W-2c correctly and how and when to file the corrections.
Mastering AP Internal Controls: How to Reduce Risk and Prevent Fraud
With the increase in asset losses as a result of fraud schemes targeting accounts payable, account payable professionals with the knowledge and skills to identify control risks and recommend appropriate solutions are in high demand.
This webinar training will explain the process of internal controls in account payable operation as per COSO framework, why it is required and how to effectively implement it across organization. Participants will learn how to master internal AP controls: preventive and corrective, to mitigate risk, ensure information system security and prevent fraud.
Form W-9 Compliance to Avoid Penalties: TIN Verification, B Notices and Backup Withholding!
Issuers of 1099 Forms can adopt best practices and procedures that streamline the year-end process and provide assurance that 1099s are correct, at least so far as vendor names and tax ID numbers (TINs) are concerned. While certain errors in reporting dollar amounts are considered "inconsequential" under de minimis error rules, errors in the payee’s name or TIN are never considered inconsequential and can result in penalties.
Best practices to avoid errors and penalties include TIN solicitation, TIN verification, a timely and appropriate response to IRS notices, B-Notices, and procedures to implement and discontinue backup withholding as required.
The webinar will discuss the solicitation process including solicitation, effective use of Form W-9, annual solicitations, B-notices, solicitations in response to IRS notices, and what to do when the vendor does not provide a TIN or provides an incorrect TIN.
It will cover how to register to use the IRS TIN verification service, how the system matches names and numbers and how this can help in preparing submissions to prevent false positive or negative responses from the system. It will cover how to submit TINs for verification and what to do when the system indicates a mismatch between the name and number of the vendor.
Procedures related to IRS notification of a name number mismatch or proposed penalties for incorrect information returns are also covered including procedures the payer must follow in issuing B-Notices to payees.
The session will discuss the establishment of procedures for the proper administration of backup withholding.