Payroll Record Retention: What To Keep, What Formats to Keep in & For How Long to Keep it?
Speaker: Debbie Cash, CPP
Speaker Designation: Manager TLM Implementation, G&A Partners
Speaker: Debbie Cash, CPP
Speaker Designation: Manager TLM Implementation, G&A Partners
Payroll is one thing that all businesses have in common. Along with processing payroll come many different payroll records required to process the payroll. Each type of record has different requirements for 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”?
This webinar will give you guidance on how long each type of record must be retained according to IRS and State guidelines. 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.
Avoid Liabilities-Payroll Record Retention
I. Types of Payroll Documents
II. Retention of Documents
III. Specific State Laws
Payroll record retention is essential for compliance with labor laws, tax regulations, and audits. Employers must maintain accurate records, including wages, deductions, hours worked, and tax filings, in secure and accessible formats. Retention periods vary, with the IRS requiring at least three years and the Fair Labor Standards Act mandating two years for certain records. Proper retention helps businesses stay compliant, avoid penalties, and mitigate legal risks.
Debbie Cash, CPP is a Manager of TLM Implementation at G&A Partners. G&A Partners is a Professional Employer Organization (PEO) that offers payroll, human resources, benefits management, risk management, and accounting services for businesses. G&A Partners acquired Employer Advantage LLC (PEO) in February 2022. Debbie began working for the organization in 2006 as a Payroll Tax Specialist and Time and Attendance Specialist. She was promoted to Time/Labor Manager in 2021.
Debbie earned an associate's Degree in Accounting from MSSU in 1985 and a bachelor's Degree in General Business from MSSU in 2006. She obtained her Certified Payroll Professional Certification in October 2006. She has 30+ years of experience processing payroll and payroll taxes for various different companies and professions.
Debbie worked as a Payroll Specialist at Missouri Southern State University from 1993 to March 2006. She attended the International Tax Conference in Wisconsin in 2005 and specialized in International Tax for Student Visa. She also worked for Joplin R-8 School District processing payroll from 1990 to 1993.
