Best Practices for 2020: W2 & W4 Update (Completed)

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.

Topics Covered

• 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

Learning Objectives

• 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

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None