Best Practices for 2020: W2 & W4 Update (Completed)
Date: Monday, December 14, 2020
Instructor: Miles Hutchinson
||9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
||2 hours for CPAs
2 hours Federal Tax Law Updates for EAs and OTRPs
2 hours Federal Tax Updates for CTEC
Learn the latest updates on Form W-4 (major change planned for 2019) and Form W-2 wage and withholding reporting. This webinar will prepare your staff for this filing year, improve your employee reporting set-up and maintenance practices, and reduce your risk of complaints from the IRS.
Experienced CGMA and businessman Miles Hutchinson will review the current law and regulations regarding the filing of Forms W-2 and W-4 and will provide practical guidance in these areas that have become the subject of increasing IRS scrutiny.
The IRS is changing the rules in regulatory reporting once again. The W-4 for 2020 is being revised to match the Tax Credits and Jobs Act. The exemption allowance approach to computing withholdings is disappearing. We will examine the new Form W-4 for 2020 and answer your questions about the impact and how to implement the new form. In addition, we will review the current Form W-2 and related issues to prepare you for a smooth reporting season.
Who Should Attend
Accountants, CFOs, Payroll personnel, Human Resources, Accounts Payable personnel, Tax Managers and Attorneys.
- Review legal and regulatory changes for the reporting year
- Benefits/credits about to expire
- Retirement funding — new thresholds
- Updated forms, including the new 2019 form W-4 (no longer based on exemption allowances)
- Reporting the cost of employer sponsored health coverage — which employers are affected, when employers must begin reporting, what to report, valuation methods, etc.
- How to handle expense reimbursements made to employees - reportable/taxable?
- How to efficiently execute an electronic W-4 program
- Verifying employee social security numbers online
- Electronic filing with the SSA using Business Services Online (BSO) — the requirements and benefits
- Where to turn when you want to transmit employee copies of W-2's electronically
- What your company can do to minimize resource consumption when complying with this regulatory reporting requirement
- What if we make a mistake? Corrections and penalties
- Identify the latest updates on Form W-2 and Form W-2 wage and withholding reporting
- Recognize how to prepare your staff for this filing year, improve your employee reporting set-up and maintenance practices, and reduce your risk of complaints from the IRS
NASBA Field of Study
Taxes (2 hours)