Best Practices for 2019: W2 & W4 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 |
Learn the latest updates on Form W-4 (major change planned for 2019) 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 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.
The IRS is changing the rules in regulatory reporting once again. The W-4 for 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.
Publication Date: December 2019
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
- Form Update
- W-4 Name/# Verification Methods
- Penalty Update
- Electronic Distribution of W-2's
- Year-End Reconciliation
- Effecting Corrections to W-2's
- Best Practices
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
- Describe how an ITIN is identified
- Describe true statements regarding Form W-2c
- Recognize best practices for dealing with Form W-2 and W-4
- Identify how to streamline the W-4 collection process
- Recognize what a nonresident alien (NRA) employee is issued to report wages
- Identify how back pay is based on legal order
- Recognize what is recommended regarding W-2 and W-3
- Identify when you are required to electronically file W-2s
- Identify what to do if you realized a mistake on a filed W-2
- Describe best practices for employee paperwork
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
