How to Handle Tax Levies and Creditors Garnishments While Maintaining Compliance and Eliminating Problems

Description

Some of the most stressful situations for professionals handling payroll functions are created by tax levies and creditor garnishments. Violating compliance rules can result in extremely costly penalties. Confusion and serious financial – and personal – consequences can be avoided by correctly managing the conflicting interests of the parties involved. Discuss best practices for handling tax levies and creditor garnishments efficiently and in compliance with federal and state requirements to help diminish processing time and costs and eliminate financial and emotional turmoil.

Highlights

• How state requirements affect garnishments
• How to handle terminated employees in regard to garnishments
• How to determine the withholding under a federal tax levy
• Proper processing for student loan and creditor garnishments
• Best practices for communicating with employees and issuing parties
• How to calculate the withholding and prioritize the order of distribution when an employee has more than one type of garnishment
• Best practices for processing garnishments in the payroll department 

Objectives

• Walk away with an understanding of the proper procedures, regulations and priorities required by the numerous federal and state agencies governing these garnishments.

Designed For

CPAs, attorneys, payroll professionals, human resources and accounting personnel, business owners, or any individual or entity that must deal with the complexities and technicalities of the payroll process.