Payroll Employment Tax Compliance (Currently Unavailable)

Author: Miles Hutchinson

CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

Employers usually want to do the right thing by their employees. Payroll professionals are cut from the compliance cloth. But compliance is complicated; and cash flow is often very tight. Borrowing from the government without their permission almost always results in bankruptcy. The company’s life is in jeopardy and the employees’ tax withholdings are lost. Payroll professionals are caught in the middle. We are here to help. Miles Hutchinson can show you how to walk on the right side of the line and ensure your tax obligations are met.

Publication Date: March 2018

Designed For
Payroll processors, Payroll Managers, HR Managers, CFOs, Controllers, Compliance Managers, Compliance Officers, Accounting Managers, Information Reporting Officers,Tax Managers, Risk Managers, and Internal Auditors.

Topics Covered

  • Best practices guidelines for payroll tax compliance
  • Processes, controls and procedures to follow and keep your tax obligations paid on a timely basis
  • Process for setting up new hires properly
  • Steps to ensure all workers are properly classified as either employees or independent contractors and employees are properly classified as either FLSA exempt or nonexempt
  • Form I-9 and why it must be prepared and evaluated within 3 days of employment
  • Best timing to leverage this step to protect the employer from hiring illegal aliens
  • Review the processes for gathering withholding information from employees on Form W-4 and the substantial revisions to this form due to H.R. 1 the newest tax reform act
  • Best practices and related internal controls for processing your payrolls to ensure accurate payment of employees and computing all tax liabilities
  • Review Form 941 and proper filing guidelines
  • The reconciliation process applied to the W-2's by the IRS and the Social Security Administration

Learning Objectives

  • Describe the funding sources for the federal government
  • Identify an employer's income and employment tax withholding and reporting requirements
  • Recognize the consequences and penalties for non-compliance with requirements
  • Identify whether internal controls are adequate to ensure compliance with tax withholding and reporting requirements
  • Differentiate improper employment tax evasion schemes
  • Recognize behavioral controls which would strongly indicate a worker is an employee
  • Identify the function of Form SS-8
  • Describe the responsibility of the employer with regard to employees
  • Recognize options available to small employers for remitting Forms W-2 to the Social Security Administration (SSA)
  • Recognize how an employer's failure to pay employment taxes adversely affect the employee
  • Describe when the payroll administrator will be at risk of personal liability
  • Identify the responsible party for determining if a worker is an employee or an independent contractor
  • Describe the law covering compensable travel time
  • Differentiate when Nonresident aliens without a green card can or cannot be considered U.S persons for employment purpose
  • Recognize the purpose of E-Verify
  • Identify what the Tax Cuts & Jobs Acts eliminates for tax year 2018
  • Recognize when Form W-4 is required to be sent to the IRS
  • Identify when Form 941 should or shouldn't be filed with the IRS
  • Describe the requirements for Form I-9
  • Identify when the employer is required to pay nonexempt employees
  • Recognize the purpose of Form 15-A

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

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