On the surface “constructive receipt” sounds like an “inside baseball” term for accountants. But it’s not. Once a payroll payment is received by an employee, businesses become liable for taxes on that income, which can be a problem.
Stephanie Salavejus, CPP
Stephanie is the Vice President and COO of PenSoft, a payroll software provider, is a Vice President with the American Payroll Association, was APA’s Payroll Woman of the Year for 2017, and is a former member of the IRS Commissioner’s Advisory Group. She has over 33 years’ experience in payroll and accounting, of which over 26 years have been with PenSoft. Stephanie graduated from Christopher Newport University in Newport News, Virginia, with a Bachelor of Science degree in Accounting
Jason Lee is CEO and co-founder of DailyPay, a venture backed financial technology company that enables employees to access their wages before payday. DailyPay partners with large enterprises to offer its technology solution to their workforces, which results in a meaningful reduction in turnover and related cost savings. Every Saturday morning, Jason enjoys spending his time at the Father’s Soup Kitchen, helping serve hot breakfast to New York’s homeless population.