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IRS New W-4 and W-2 Update: Form 7200, SSA BSO and Best Practices

Preparing for IRS W-2 & W-4 - January 2022

The Form W-4 has changed. The Tax Cuts and Jobs Act introduced many tax rules in 2017 that promoted IRS to significantly change Form W-4 last year. How's this year's W-4 filing different? What steps do you have to take to file it before late January 2022? How do the changes affect employee claims, withholding allowances, and personal exemptions?

 

Form W-2 might also be tricky to understand if you're subjected to this filing. As the IRS matches the reported payment amounts with your employer's corporate tax return, you've to ensure the integrity of the information you provide. It's also important to know what portion of the income is subject to the Social Security tax.

 

How do your excess contributions to a qualified retirement plan and a health savings account affect this filing? Why do you have to be really cautious with the name, SSN, EIN, and tax year on your Form W-2? What happens if there's an incorrect reduction in federal tax withholding in connection with a gross-up after the tax year closes? Can you report an error on a W-2?

 

Can you still request advance payment of employer credits? What's the criteria for qualified sick and family leave wages, ERC, and the COBRA premium assistance credit (subsidy)? Does the Form 7200 remain the same as issued by the IRS last year? How do you fill it?

 

Join us on Compliancevent to get answers to all these and many more. This training will provide the latest updates on Form W-4 and Form W-2 wage and withholding reporting. You'll learn 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.

 

You'll have your expert, a CGMA, review with you the current laws and regulations regarding the Form W-2 and Form W-4 filing. You'll also get practical guidance in the areas that have become the subject of increasing IRS scrutiny.

 

 

 

Why's it Important to Attend?

The IRS is changing the rules in regulatory reporting once again. What requirements do you have to meet to claim your exempt status? How can you electronically file with the SSA using Business Services Online (BSO)? How to calculate the allowances? What's the liability criteria? What penalties could you meet?

 

Join us to review with us the current Forms W-4 and W-2 and related issues to prepare yourself for a smooth and error-free reporting season.

 

 

 

Our Training Goals

-What are legal and regulatory changes for the reporting year?
-How does the Tax Credits and Jobs Act affect your filing?
-What are the benefits/credits about to expire?
-Updated forms, including the new form W-4 (no longer based on exemption allowances)
-How to efficiently execute an electronic W-4 program?
-How to verify employee social security numbers (SSNs) online?
-Retirement funding – new thresholds
-How to handle expense reimbursements made to employees - reportable/taxable?
-Reporting the cost of employer-sponsored health coverage: which employers are affected, when employers must begin reporting, what to report, valuation methods, etc.
-Can you still apply for advance credits using Form 7200 and how?
-What are the benefits and requirements of electronic filing with the SSA using Business Services Online (BSO)?
-Where to turn when you want to transmit employee copies of W-2’s electronically?
-What if you make a mistake? What are the correction procedures and penalties involved?
-What can your company do to minimize resource consumption when complying with this regulatory reporting requirement?

 

 

 

Who Must Join?

-Accountants
-Payroll personnel
-Accounts Payable personnel
-CFOs
-Human Resources
-Tax Managers
-Tax Attorneys

 

 

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

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