W-2 and W-4 Update and Best Practices
Product ID : MILE-0012
Level : Intermediate
Duration : 90 Minutes
Miles Hutchinson is a CGMA and experienced businessman with over 40 years in the field. He has been an auditor with PriceWaterhouseCoopers and the Chief Financial Officer of a one billion dollar real estate development company. Miles is a professional speaker and consultant who has presented over 2,500 seminars and training sessions on a myriad of business and financial topics, like financial analysis and modeling, accounting, strategic planning, and compliance with the Sarbanes-Oxley Act. He is recognized as an expert in payroll and sales & uses tax as well as financial modeling & analysis, business strategy, and communications. He is the author of several useful accounting and tax tools available at www.soxpolicies.com and www.salestaxadvisors.com. His clients include Abbott Labs, Bank of America, Boston Scientific, Citicorp, Corning, the FBI, the FDA, the Federal Reserve, GE, Pfizer, Siemens, US Marine Corps, and the US Army. Please visit his websites to see how you can further benefit from his expertise.
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 preparation of new Forms W-4 for 2020 and will provide practical guidance in these areas that have become the subject of increasing IRS scrutiny.
- 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 2020 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
Who Should Attend
This webinar will be invaluable for Accountants, CFOs, Payroll personnel, Human Resources, Accounts Payable personnel, Tax Managers and Attorneys.
Why Should You Attend
The IRS is changing the rules in regulatory reporting once again. The W-4 form 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.