Payroll Record Keeping
In order to be well prepared for a Wage & Hour audit that you need to keep your payroll records for the duration of EACH worker’s employment with your company PLUS 5 to 10 years! Most Human Resources and legal experts are suggesting this to ensure these records are available in the event a claim is filed,
Discover what records you need to have available for an audit and how to store that information without having to have a bunch of file cabinets in your office.Continue reading
In the past couple of years there has been an increase in the number of Federal and/or State payroll wage audits resulting in the repayment of back wages, in all industries – not just construction, plus fines and penalties. In May and June of 2013 U. S. Department of Labor audits have resulted in the payment of $5,750,693.00 in back wages throughout the United States.
Are your payroll records accurate and up-to-date? They need to be - because inaccurate payroll records can cost emBeployers BIG bucks!
See this article for information on what you need to keep and how long you need to keep your payroll records.Continue reading