Payroll and HR recordkeeping


April 09, 2021


Mark Schwartz

  1:00 PM ET | 12:00 PM CT | 10:00 AM PT | 60 Minutes

* Not able to attend the live session? We can arrange an on-demand session for You. Please call 1-951-801-2324


There are a myriad of state and federal legislative requirements for payroll and human resource recordkeeping. Thankfully, in the digital age, most if not all of the data is kept by companies in one form or another. The challenge is to have it available when you need it. We will discuss the legislative requirements in detail. 

There are too many agencies to count - both public and private - that can require access to your payroll and hr records. We will go over the most common ones, and how far back they can require records for. 

More importantly, we will discuss rules of thumb and best practices based on the type of businesses you run. Using these simple tips, you can manage your data storage in order to be prepared for most any eventuality. 

Also, we will discuss the specific information required in your records. For the most part, there is no specific format. The only thing required is to have the right information for the specific entity requiring it. This information is directly from top level companies who help organizations of every size. 

Finally, we will go over electronic data storage and archiving. You will learn how to shop for IT systems that help you search for and find the specific data required for any inquiry. If properly done, it replaces all paper and reduces audit risk. 

Learning Objectives:

  • How long do I have to keep payroll and HR records?
  • How do I manage paper storage? What are the risks?
  • Is there an electronic solution that is acceptable to government agencies?
  • Is there a prescribed format for records?
  • What information must be contained in the records?
  • What agencies other than the IRS demand access to payroll  and HR records?
  • How do I comply with record requests? From whom might I receive request?
  • Are there simple rules of thumb that satisfy most requirements?
  • Under what circumstances should I keep aome records longer than others?

Areas Covered in the Session:

  • General Requirements
  • IRS Guidance on Small Business Recordkeeping
  • IRS access to electronic accounting records
  • Requirements that satisfy IRS AND FLSA both
  • Requirements for FLSA only
  • Requirements for IRS only
  • Other federal acts and their requirements
  • State Requirements overview
  • Summary of content by record type
  • information on electronic data storage and archiving
  • Best practices on handling info requests

Who Will Benefit:

  • Payroll and HR management and staff
  • Accountants
  • Payroll auditors, HR compliance personnel 
  • CPA,  payroll accountants, and independent payroll consultants
  • Recordkeeping staff
  • Internal auditors and regulatory compliance personnel
  • Payroll IT developers, programmers and debuggers