Key Take Away:
This webinar will take you through year-end process training with planning and preparing systems for preparation of W-2 Forms and other required information returns, selecting preparation and filing methods, gathering and processing, verifying and reconciling data, and making sure that processing systems are in place and functioning properly.
2016 year end may be particularly challenging due to the convergence of normal year end processing, the new filing deadline for W-2 Forms and certain 1099-MISC Forms, the expiration of temporary relief provisions and beginning of full enforcement of reporting requirements under the Affordable Care Act employer shared responsibility provisions, the effective date for changes to the white collar exemptions under the FLSA, and the increase in penalties for failure to file correct information returns timely.
There are a number of tasks that must be performed well in advance of year end in order for things to go smoothly in December and January. This year is going to be particularly busy due to some significant changes that may affect payroll that take place during or for 2016.
Why Should You Attend:
Mistakes can be costly in terms of lost time as well as interest and penalty charges. Penalties for failure to furnish or file timely and correct information returns increased significantly.
Several changes affecting 2016 complicate the process for this year. The expiration of transition relief and first year allowances mean that employers will face more stringent information return compliance requirements related to the Affordable Care Act’s Employer Shared Responsibility Provisions.
New systems may have to be in place or upgraded to deal with the changes in compensation or classification for employees reclassified from exempt to non-exempt under the new white collar exemption rules. The filing deadlines for W-2 Forms has been moved up to January 31 creating the potential for more errors on filed W-2 Forms and penalties have been increased for incorrect Forms.
The potential for errors is greater, there are more changes to deal with, and the stakes are higher this year than in prior years. This webinar will identify potential problem areas and suggest ways to head off errors ahead of time.
Areas Covered In This Webinar:
• How to verify the name/number match of employee Social Security Numbers - Social Security Number Verification Service
• Key reconciliations that help prevent errors on information and tax returns
• Non-cash fringe benefit withholding and reporting for selected benefits
• Common errors and how to avoid them on Forms W-2 and W-3 – E-filing as a best practice
• Form 940 (FUTA) reporting – Taxable wages, SUTA credit, and credit reduction states
• Data requirements for reporting under the Affordable Care Act – this may be bigger than you think
• Making sure the white collar exemptions don’t create additional problems during payroll’s busiest time
• The new filing deadlines and new de minimis rules for W-2 errors
• Know how to register for and use the Social Security Number Verification System
• Understand key reconciliations that facilitate error prevention and year end processing
• Know how to avoid or prevent common W-2 errors and how to correct and mitigate them to minimize penalties
• Understand the reporting and filing issues for Form 940 and how to report SUTA information to take advantage of the SUTA credit
• Be aware of the new filing deadlines and how that affects the potential for errors on filed returns
• Understand the importance of planning ahead for year-end processing
Who Will Benefit:
• Payroll Supervisors and Personnel
• Payroll Consultants
• Payroll Service Providers
• 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
Patrick A Haggerty
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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