Best Practices for 2021: W2 & W4 Update (Completed)

Date: Friday, December 3, 2021
Instructor: Miles Hutchinson
Begin Time:  12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time
CPE Credit:  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 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 will provide practical guidance in these areas that have become the subject of increasing IRS scrutiny.

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.

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
  • Summary of the impacts of the Tax Credits and Jobs Act
  • Benefits/credits about to expire
  • Retirement funding — New thresholds
  • Updated forms, including the new 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
  • New for 2020: Sick Leave Credits and Employee Retention Credits — Learn how they affect your New Forms 941 and Worksheet 1
  • Applying for advance credits using Form 7200
  • 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

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