|
* New Employee E-Verify Self-Check service now available in many sates. E-Verify Self Check lets individuals check their I-9 employment eligibility (in English or Spanish) before completing their I-9. If there is a mismatch between the information submitted and Department of Homeland Security or SSA records, Self Check tells the person how to correct it. Visit www.uscis.gov/selfcheck.
Currently available (being tested) in 21 states, as follows:
· Arizona
· California
· Colorado
· DC
· Idaho
· Louisiana
· Maine
· Maryland
· Massachusetts
· Minnesota
· Mississippi
· Missouri
· Nebraska
· Nevada
· New Jersey
· New York Ohio
· South Carolina
· Texas
· Utah
· Virginia
* Be prepared for the new wave of wage-hour and IRS audits. As we reported in March, the DOL is making a major push on wage-hour enforcement audits. Also, the IRS recently beefed up enforcement efforts.
Even if your firm never violated one IRS or DOL rule, substantial penalties may apply simply for not maintaining required records. Now is the time to gather or seek copies of the records you are required to keep under federal law. Records may be stored at company offices; for multiple locations, in a central office.
The IRS requires employers to keep for at least 4 years the following (Note: Because the 4-year period begins at different times, keep the following for at least 5 years.):
? Employer identification number
? Names, addresses (with ZIPs), SSNs, occupations of employees and recipients of payments
? Amount/dates of wage, annuity and pension payments
? Pay-rate (hourly/regular rate of pay, shift differentials), piecework, etc.) for employer or third party payments
? Employee tip statements and records
? Copies of withholding forms (W-4, W-4P, W-4S, and W-4V)
? Fair market value of in-kind wages paid
? Returned employee undeliverable W-2 copies
? Paid periods of absence due to sickness or injury
? Each employee's dates of employment
? Dates and amounts of company tax deposits
? Copies of company returns filed
? Records of fringe benefits provided, including value and fair-market value calculations.
The DOL or IRS (or both) require you to keep the following data. If not on hard copy, it should be available to print.
For At least 3 years:
? Collective bargaining agreements
? Employee's sex and occupation
? Time and day of week employee's workweek begins
? Hours worked each day and each workweek
? Total daily or weekly straight-time/overtime earnings
? All additions to/deductions from employee's wages
? Total wages paid each pay period
? Date of payment and the pay period covered by it
Keep for at least 2 years documents that support calculations for:
? Work tickets
? Piece work tickets
? Wage rate tables, work and time schedules
? Additions to or deductions from wages
? Time cards
Keep for at least 4 years from April 15, following the due date of the return employment-related tax form and data:
? Quarterly 941s for annual 944/943 and amended returns (start the clock on April 15 of the calendar year after the quarter or year ends)
? State and local payroll and employment tax returns
? Copies of federal, state and local Forms W-2 and W-3
? W-4s
? W-5s (for tax years 2010 and earlier)
? Special payments (e.g., sick pay, lump-sum severance)
? Expense reimbursements and substantiation
? Tax deposit receipts, cancelled checks, etc.
? Supporting documentation for COBRA premium subsidy credits claimed on Forms 941/941-X
? Supporting documentation for HIRE Act credits claimed on the 2010 Form 941/941-X
? Exception for Form 940. Retain for 4 years from the filing date in the event you need to respond to IRS inquiries about tax filings.
Vendor and nonemployee payments:
? Name, address and TIN of each payee
? Payment dates
? W-9s
? Payer 1099-MISC and other information return copies
? 945s
? Purpose of payments
? Contracts for independent contractors
? Notices related to backup withholding
|
