Details
This webinar concentrates on preparing the department for the end of the calendar tax year and the new year processing. Topics include reconciling, completing and submitting Form W-2 federal and state; update to annual changes from the IRS, SSA, DOL and on the state level; and best practices that will help make the year-end and year beginning go smoother.
Background:
Preparing for year-end should not begin in October or November as it may
have in the past. Preparation should begin in January and be conducted
throughout the calendar year. This is especially important now as the IRS is
looking at year-end compliance issues. In this webinar we will give the latest
best practices to help your payroll department transition from a year end
crunch to a smooth and compliant year end process. We will discuss how check
lists can help keep you on track to ensure all tasks are completed. How a
simple two-page memo can prevent dozens of employee questions. We will cover
how your duplicate Form W-2 request form and procedures should be set up and in
place in advance of issuing the forms and how it will assist you when
processing those requests in the upcoming year.
We will provide example of check lists that should be prepared for each
year end to assist in a smooth transition. We will also provide updates for
calendar year 2024 on such items as social security wage base, deferred
compensation limits, mileage rates and Forms W-2 and 941. This webinar will
provide a sample of a form to request a duplicate Form W-2 that can be used by
the attendee in their own department as well as information on setting up the
procedures for requesting the form. We
will discuss how to work throughout the year to collect information from
accounts payable for year-end instead of trying to obtain all the information
in December. We will demonstrate how this helps smooth out the year end
processing and relieve year end stress for both departments. We will provide the basis for a year end memo
to help payroll departments inform the company’s employees of what lies ahead
for the upcoming year to help curtail questions during this hectic time for
payroll.
We will also cover any late-breaking legislation/regulation changes.
Information covered in the presentation:
- Latest update on
the Form W-4 for 2024!
- Reconciliation of Form W-2 to Form 941 and why it must be done
- Update on year-beginning annual changes for social security wage
base, fringe benefit limitations, federal per diem allowance, standard
mileage rate, qualified transportation fringe benefits, and more.
- How to use the required year-end notice to update your employees
for the coming year
- Best practices on organizing the payroll department for year-end
including action item check lists for Form W-2, Year end and Year
beginning to ensure a smooth process
- How to handle duplicate requests for Form W-2 including charging
fees
- Status review of Publication 1494 for 2024
- Changes to Form W-2 for 2023
- Best practices for gathering, calculating and reconciling W-2 data
all year long as is now expected by the IRS
- Taxation of fringe benefits for year-end including awards and
prizes, personal use of company cars and gift certificates
- Latest update on white-collar exemptions
- Electronic delivery of W-2s to employees
- When to use the Form W-2c and when to correct the W-2 itself
- State regulatory changes affecting payroll including SUI wage
bases, minimum wage increases and more
- Review of EFW-2 record changes for tax year 2023
- Verifying employee names and SSN’s
- Review of filing deadlines
- Third Party Sick Pay reporting
Who will Benefit:
- Payroll Executives/ Managers/ Administrators/ Professionals/
Practitioners/ Entry Level Personnel
- Human Resources Executives/ Managers/Administrators
- Accounting Personnel
- Business Owners/ Executive Officers/ Operations and Departmental
Managers
- Lawmakers
- Attorneys/ Legal Professionals
- Any individual or entity that must deal with the complexities and
requirements of Payroll compliance issues for Year End
closing and preparing for the upcoming year.
Credits
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JIT Trainings is recognized by SHRM to offer Professional Development Credits (PDCs) for SHRM-CP® or SHRM-SCP® recertification activities.
Vicki M. Lambert
F.A.Q
What is a Live webinar/Training Course?
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Recorded$ 165
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E-transcript$ 165
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Recorded + E-transcript$ 175
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Recorded with Copyright$ 195
