These 2 departments work together a lot and it is important that it is clear on who pays what, plus who reports what to the IRS. Discussion on AP & Payroll Functions and who should own responsibility of each including paying and reporting. Certain payments that effect both departments will be discussed. Will review the importance of understanding the relationship of the people being paid with the company to determine which department should handle.
Areas Covered in the Session :
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 tax-ability 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
Who Should Attend:
Payroll Managers
Payroll Professionals
AP Managers
Controllers
Accountants