W-2 & W-4 Payroll Regulatory Reporting Update
Author: Miles Hutchinson
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Law Updates for EAs and OTRPs
2 hours Federal Tax Updates for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2027 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
Learn the latest updates on Form W-4 and Form W-2 wage and withholding reporting. This course 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 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.
Publication Date: December 2024
Designed For
Accountants, CFOs, Payroll personnel, Human Resources, Accounts Payable personnel, Tax Managers and Attorneys.
Topics Covered
- Review legal and regulatory changes for the reporting year including the electronic filing mandate
- Benefits/credits about to expire
- Retirement funding – new thresholds
- Updated forms, including the latest form W-4 (no longer based on exemption allowances)
- Review of Form W-2 and special use reminders
- 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
- 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,
- Identify employee reporting set-up and maintenance practices
- Recognize how to reduce your risk of complaints from the IRS
- Identify the dollar limitation used in the definition of a highly compensated employee for nondiscriminatory testing in 2024
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
Basic understanding of W-2 & W-4 Payroll
Advance Preparation
None
