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2020 IRS Forms W2 and W3 - Recent changes, which payments go in what boxes, Deadlines, do's and don'ts for Employees and Employers, and much more

Duration:
90 Minutes
Access:
6 months
Webinar Id:
30330
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Recorded Version

$199. One Participant
$399. Group Attendees

Group Attendees: Any number of participants

Recorded Version: Unlimited viewing for 6 months ( Access information will be emailed 24 hours after the completion of live webinar)

Overview:

The IRS requires employers to report wage and salary information for employees on Form W-2. Your W-2 also reports the amount of federal, state and other taxes withheld from your paycheck.

As an employee, the information on your W-2 is extremely important when preparing your tax return. Sounds simple, doesn't it?

There are 20 boxes on the W2, and 34 codes to use in box 12 alone. If your compensation structure includes benefits, are subject to FMLA, grant a myriad of cafeteria plan benefits, have empoloyees who work in more than one state, etc this form is far from simple.

There are changes most every year of one sort or another, and even the most well maintained of payroll systems can miss some important edits. This can result in the forms being kicked back, which results in penalty and interest assessed on EACH W2 filed late. Further, if what’s on them doesn’t match your employees' tax returns, they face penalties and even audits.

Why you should Attend: After attending this webinar, you will be able to:
  • Incorporate What's New for 2020
  • Revies General Guidelines to Ensure You are in Full ComplianceThe W2 Box by Box - What payments go where
  • Common Errors on W-2s - avoid these to avoid kickback
  • Special Situations that affect most employers
  • Know where to go for more complete information

How to Reconcile to W3 and 941s
  • Most every change made in payroll tax regulation directly affects W2s in one way or another. The COVID-19 relief generated by Congress and the White house is no exception. Learn what these are and how they affect the W2
  • Deadlines have recently been shortened, and there are mandates for electronic filing. But not all IRS forms must be filed at the same time. Learn the latest deadlines, and how to get an extension if needed
    • Review which copies go to where. Know when you need multiple state copies for some workers
  • Anticipate questions from your workers
  • Get a more complete understanding of information you need for completion and reconciliation after the last payroll date of the calendar year

Areas Covered in the Session:
  • We will break down the W2 box by box, detailing all payments that get reported
  • We will discuss form reporting requirements
  • You will learn how to reconcile the W2 with the W3, 941s and other forms; incorporating all changes made to payroll amounts during the calendar year
  • You will be able to assist employees with their inevitable questions about the numbers on their form W2

Who Will Benefit:
  • Auditors
  • Payroll Managers and Staff
  • Dept or Functional Managers
  • Accountants
  • Executives
  • Hiring and other HR personnel
Instructor:

Mark Schwartz is an employment tax specialist and has over 15 years of employment tax experience as an independent consultant and as a payroll tax auditor with the State of California. He has managed an audit caseload of 20 ongoing audits, from small home-based businesses to large multi-national corporations. He is expert at defining regulatory and statutory requirements from local, State and Federal government agencies; and helping the average businessperson understand what that means to their business. He has processed weekly and bi-weekly payroll checks plus tax forms for businesses with hourly as well as exempt workers, multistate operations and a wide variety of benefits.

Mr.Schwartz provides consulting services encompassing payroll processing and payroll tax issues. These include payroll tax minimization, payroll tax compliance reviews, independent contractor studies, use of electronic transfers, deductions, benefits, etc. Mark has represented both clients and the State in front of the State Appeals Board. He understands the complexities of local wage laws, unemployment and disability claims, and other wage and benefit issues affecting your employees.

Mark prides himself on his outstanding customer service skills. He listens attentively to his clientele, helping them bridge the gap between the small business world and Government bureaucracy. He eagerly assists with clients needs and feels that educating clients toward faster, accurate and more complete payroll processes provide the most value.

Mark is a participating member of the American Payroll Association. He earned his BA and MBA in Finance at Santa Clara University. He has held Certified Internal Auditor and Certified Investment and Derivatives Auditor Credentials. Mark is currently pursuing a Certified Payroll Fundamentals Credential with the American Payroll Association.


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