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Human Resource & Payroll

Form W-2 Updates, Year End Processing & Preparations

Overview

The IRS provides updated tax rates and changes how taxable income is calculated each year. 

This year's changes will be more significant than in the past, due to Tax Reform. 2021 has seen additional updates employers and payroll departments need to know. The continued changes that affect the new Form W-4 and tax calculations in 2022 will be significant.  This webinar will assist the seasoned payroll professional on new legislation that needs to be addressed.

This webinar will also assist the beginner around W-2 processing plus to better understand all the boxes on the Form W-2 and what should be reported. A brief overview of year-end and W-2 best practices will also be discussed. Updates on how to handle the SSN truncation especially for the states. Review of the reconciliation process for W-2’s considering the COVID-19 credits.


 

Areas Covered in this Training

-Form W-2, W-2 requirements for 2021 reporting and Filing deadlines
-How to report FFCRA to leave on the W-2
-Form W-2 box by box review
-Understanding the new W-2 codes
-Understanding the changes to Social Security taxation
-State by State discussion of special W-2 considerations
-Complete an audit of Form W-2 before releasing it to employees
-Validate that all totals match between the 941 and the W-3/W-2
-Updated legislation impacting the 2021 Form W-2 and Updated legislation to consider for W-2 and 2022
-Year-End and W-2 best Practices to ensure compliance
-New Year legislation activity and new fringe benefit limits

 

 

Why Attend This Training

By attending this webinar, you will get to learn about
-Form W-2 Reporting of FFCRA Qualified Leave and the extension of those credits into 2021
-How to handle the state requirements of the SSN truncation rules from the IRS on the Form W-2.
-Updates to how we process the W-2 form
-2021 W-2 updates
-Understanding when to check the status boxes for such things as retirement
-Details of how to close the 2021 year to make sure your W-2’s are correct and 941 reconciliation happens correctly.
-Review box by box of the W-2 and how tax reform has changed W-2 reporting.
-State-specific W-2 reporting and what you need to know
 


Duration: 60 minutes
Suggested Attendees

-All Employers
-Business Owners
-Company Leadership
-Payroll Tax Professionals
-Accounting Professionals
-HR Professionals
-Controllers
-Lawmakers
-Attorneys
-Any individual or entity that must deal with the complexities and requirements of Payroll compliance issues

 

You may ask your Question directly to our expert during the Q&A session.

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