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Labor Relations

Maintaining Payroll Records

According to the IRS, employers should keep the following information with their payroll records:
  • Employer identification number (EIN) and W-2s
  • The amounts and dates of all wage, annuity and pension payments
  • Fair market value of non-cash compensation paid
  • Names, addresses, Social Security numbers and job description of employees
  • Forms W-2 that were returned as undeliverable
  • Employee file showing dates of employment
  • Copies of employees’ withholding allowance certificates (Form W-4)
  • Dates and amounts of tax deposits
  • Copies of payroll returns filed
  • Documentation of fringe benefits included in W-2
The IRS requires all employment related information to be kept for a period of four years from the date a tax return is filed, or the tax on the return is paid, whichever is later. How important is it to keep this information? A willful failure to keep this required information can result in tax penalties.

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Dairy Producers of New Mexico 
PO Box 6299, 5106 South Main, Roswell, NM 88202
(505) 622.1646 * Fax: (505) 622.6306 * info@nmdairy.org
Webmaster email * Website last updated 16-January-2007

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