AP & Payroll Working Together for Success

This webinar talks about the compliance issues that both departments face and how to handle them as good partners.

Discussion on AP & Payroll functions and who should own responsibility of each including paying and reporting to the IRS certain types of payments. Payments that effect both departments will be discussed along with best practices. Will review the importance of understanding the relationship of the individual being paid to determine which department should handle. IRS rules and how to better communicate and build a trusted relationship so both teams can be successful and always do what is better for the organization.

Why should you Attend: To better understand each departments requirements, who should process payments and how to work together to make sure the organization is compliant.

Areas Covered in the Session:

• Detailed discussion on the difference between the 1099misc and 1099NEC along with Form W-2 and which department should report what
• Discussion on employee versus independent contractor and how to tell the difference. Recent DOL updates and how they impact
• Director Fee payments and how to pay and report 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 taxability concerns
• Review of the cost of non-compliance for tax withholding and tax reporting purposes
• 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
• Communication between the two departments and what does each department need from each other to be successful

• AP and Payroll Professionals