CPE: 8 hours
Prerequisite: Working knowledge of payroll tax issues or payroll type functions
Advanced prep: None
Who should attend: CPAs in industry and public accounting responsible for or advising clients on payroll tax
Yellow Book: No
This course is designed to provide you with practical pointers for managing the payroll tax and reporting function. Learn how to avoid the frequent penalties in payroll tax reporting and stay up-to-date with the latest information. It also shows how to handle reporting and withholding requirements for employee fringe benefits. Master the often confusing rules for Form 1099-MISC and other information reports including when and how much to report. Make sure you or your clients are in compliance and not subject to IRS penalties!
When you complete this course you will be able to:
Make timely and accurate payroll tax deposits and payments.
Correctly classify employees and independent contractors for payroll tax purposes
Address payroll tax issues involving fringe benefits and their valuation.
Advise clients on recent tax law changes, tax developments, and tax issues affected by societal and economic trends.Identify and properly withhold for
statutory employees and statutory non-employees.
Comply with information reporting including the various 1099 Forms and Form W-2.
Properly report required information for new hires and obtain required information on work eligibility and identity.
Properly report back employee wages and back-up reporting of independent contractors.
Properly determine taxable vs. tax free compensation.
Update on new changes made to payroll tax legislation for the current year including changes in health care laws
Review of various websites, forms, publications and other payroll and benefit tax resources
Properly reporting payroll withholding for various types of compensation
Understanding the 20 Factor Test for employee classification
Section 530 relief for employers with worker classification issues
Reporting requirements on a quarterly and annual basis
Understanding New Hire Reporting and latest changes in I-9 Reporting to verify employee identity and work eligibility
Forms W-2 and W-3 Issues
How to properly classify employee benefit tax liabilities