VIRTUAL ONLY: Best Practices for Payroll Taxes and 1099 Issues

Description

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! Course materials include the impact of the Tax Cuts and Jobs Act of 2017 (TCJA) tax reform law.

Highlights

  • 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

Objectives

  • Recognize how to prepare timely and accurate wage and tax reports.
  • Identify how to make timely and accurate payroll tax deposits and payments.
  • Correctly classify employees and independent contractors for payroll tax purposes.
  • Identify how to address payroll tax issues involving fringe benefits and their valuation.
  • Identify and properly withhold for statutory employees and statutory non-employees.
  • Recognize how to comply with information reporting including the various 1099 Forms and Form W-2.
  • Identify how to properly report required information for new hires and obtain required information on work eligibility and identity.
  • Recognize how to properly report back employee wages and back-up reporting of independent contractors.
  • Determine taxable vs. tax free compensation.

Designed For

CPAs in industry and public accounting responsible for the payroll tax function or those CPAs advising clients on payroll tax issues



Leaders

William Taylor

William (Bill) F. Taylor is president of Benefit Solutions, Ltd., a benefit consulting firm, and a CPA in private practice. Since retiring as Community Bank President of Renasant Bank in Water Valley, MS, he has served as an adjunct assistant professor in the MBA program at the University of Mississippi. Bill has worked in the employee benefit and investment fields for over 20 years, beginning his career as the Employee Benefits Coordinator in the Jackson, MS, office of KPMG Peat Marwick and managing his own firm since 1999. A nationally known consultant and speaker, Bill has conducted seminars for the American Society of Pension Professionals and Actuaries, more than 40 state CPA and Bar associations, and other organizations. He was the recipient of the James L. McCoy Excellence in Education award for 2015 and awarded the Outstanding Discussion Leader award for 2014 and 2016. Bill is the author of Taxation of Employee Benefits Volume I and Volume II, and his articles have appeared in numerous publications.