Overview :
It is more important than ever for employer’s payroll process to be aware of the impact of W-2 tax form errors. Penalties have been increased and filing due dates have been moved up. The change in due date is expected to lead to an increase in the number of errors on filed W-2 Forms, but there are also some new (and old) methods that employers can used to avoid or mitigate the effects of errors.
Why Should You Attend :
Payroll taxes are a serious issue for the IRS. Two thirds of federal taxes are collected through the payroll tax system. By law, employers must withhold federal income, Social Security and Medicare taxes from employees’ wages. In response to instances of identity theft and tax fraud involving W-2 Forms, the IRS and Social Security Administration changed the due dates for filing information returns including W-2 corrections.
Areas Covered in this Webinar :
• Filing Errors – types and causes and how to avoid them
• Correcting Forms W-2 – employee copies and filing copies
• Name and SSN Mismatches – SSN verification and reasonable cause exceptions to penalties
• Incorrect Withholding – when and how to correct
• Correcting wage underpayments and overpayments
• When Form 941 must also be corrected
• Filling out Form W-2c – box by box
• Employee Misclassification– How to correct- W-2 or W-2c?
• New filing deadlines for 2016 information returns
• New rules regarding reporting of errors and changes to de minimus error rules
• Increased penalties for 2015 and later returns
Learning Objectives :
• Know how to use Social Security Resources to prepare, submit, and correct W-2 forms
• Know which actions to take before year end to avoid employee information return errors
• Be aware of common W-2 errors and how to avoid them and how to correct them if they occur
• Know what to do when an employee’s name or tax ID number is incorrect
• Understand methods use to reconcile to Forms 941 and what to do if differences are discovered
• Be aware of the new filing deadlines and related error correction rules
• Be aware of the increased penalties for non-compliance and how to avoid or minimize them
Who Will Benefit :
• Payroll Professional
• Public Accountants
• Internal Auditors
• Tax Compliance Officers
• Enrolled Agents
• Employee Benefits Administrators
• Officers and Managers with Payroll or Tax Compliance Oversight
• Company / Business Owners
• Managers/ Supervisors
• Public Agency Managers
• Audit and Compliance Personnel
• Risk Managers
For more information, please visit : https://www.complianceglobal.us/product/700538/PatrickAHaggerty/w-2-errors-how-to-avoid-them-and-how-to-correct-them/1
Email: support@complianceglobal.us
Toll Free: +1-844-746-4244
Tel: +1-516-900-5515
Level:
Intermediate
Speaker Profile :
Pat Haggerty is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent taxpayers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars and presentations on a variety of topics including Payroll tax issues, FLSA compliance, and information return reporting.
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