COVID-19 Impact on Payroll and Payroll Fraud (Completed)

Date: Wednesday, April 8, 2020
Instructor: Lynn Fountain
Begin Time:  11:00am Pacific Time
12:00pm Mountain Time
1:00pm Central Time
2:00pm Eastern Time
CPE Credit:  1 hour for CPAs

The quick onset of the COVID-19 Pandemic has resulted in organizations trying to react quickly to government and legislative mandates for all aspects of operations. This reaction has caused many complications and logistical issues in many areas including adequate preparation and management of payroll. Personnel and payroll are critical to all businesses. The payroll process includes a multitude of factors including pay rates, employee classification, sick leave, paid time off, withholdings, taxing, benefit plans and other elements that impact workers.

On March 18, 2020, President Trump signed the Families First Coronavirus Response Act into law, authorizing certain relief to employees and small and midsize businesses pertaining to the COVID-19 pandemic. On March 27, the CARES Act was signed in to law providing a 2 trillion dollar relief package.
The March 18 Act is intended to help the U.S. supply businesses and tax-exempt organizations with less than 500 employees with sufficient funds to provide employees with paid leave mandated taken in connection with the pandemic related to employees’ health condition or to provide care for family members. The funds are taken through tax credits.

In addition to legislative issues, companies must pro-actively manage all aspects of their payroll process from managing exempt and non-exempt personnel, to layoffs and furloughs, to paid benefits and taxing issues. The payroll process is one considered “inherently” at high risk for fraud. In this time of crisis, companies will need to be pro-active with their internal controls surrounding this process.

Who Should Attend
Tax practitioners, Payroll personnel, Small business owners, CFO’s and controllers.

Topics Covered

  • payroll related issues employers must consider
  • highlight the increased risk of fraud in the payroll process due to the pandemic

Learning Objectives

  • Identify areas of the payroll process that should be closely managed and monitored while being able to effectively continue to execute the process with minimal impact and an eye towards strong internal controls and preventative fraud measures
  • Identify the impact for tax credits for the employer portion of Social Security and Medicare taxes
  • Recognize the requirements for paid sick leave and child-care leave for employees
  • Identify payroll tax credits for eligible employers
  • Identify payroll tax credits for eligible employers

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (1 hour)

Program Prerequisites
None

Advance Preparation
None

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