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Recovering Wage Overpayments in 2024: Strategies and Best Practices for Employers
Speaker: Patrick Haggerty
Speaker Designation: Owner, Tax and Consulting Services
Call us: +1-855-202-3299
Email: [email protected]
Speaker: Patrick Haggerty
Speaker Designation: Owner, Tax and Consulting Services
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 when overpayments may be recovered using payroll deduction when payroll deduction may be limited by state or federal wage and hour laws or when employee consent is required.
Wage overpayments can lead to significant costs, not only in terms of the time spent by staff on analysis and correction but also due to potential compliance issues. Mishandling overpayments can result in violations of federal and state wage laws, including minimum wage or overtime rules, and may even lead to disputes over exempt employees' full salaries. In some states, employers cannot recover overpayments through payroll deductions without employee consent, making it crucial to follow proper procedures.
In this session, expert speaker Patrick Haggerty will explore the complexities of wage overpayments, offering insights into the legal requirements and best practices for handling these situations.
Attend this webinar to learn how to create a compliant and efficient policy for managing overpayments, ensuring your organization adheres to federal and state regulations while avoiding costly errors and legal.
Recovering wage overpayments is a complex process that requires careful navigation of federal and state wage laws. As payroll systems become more automated, errors in processing wages can still occur, leading to overpayments that employers must address promptly and legally. The regulatory landscape continues to evolve, making it essential for employers to stay up to date on the latest compliance requirements and best practices for recovering overpaid wages.
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.