Description

The IRS provides updated tax rates and changes how taxable income is calculated each year. This year`s changes will more significant than in the past several due to Tax Reform and the continued changes that affect the new form W-4 and tax calculations in 2019. This webinar will assist the seasoned payroll professional with new legislation that needs to be considered. This webinar will also assist the beginner with W-2 processing W-2 to 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.

Review of new W-2 reporting deadlines and penalties and updates to how we process the W-2 form. Review of the new Form W-4

Learning Objectives:-

• W-2 Requirements
• W-2 box by Box review
• Updated legislation to consider for W-2 and 2020
• State by State discussion of special W-2 considerations
• Year End and W-2 best Practices
• Taxation in 2020 and 2021
• New year legislation for 2021
• Details of how to close the 2020 year to make sure your W-2s are correct and the 941 reconciliation happens correctly.
• Review box by box of the W-2 and details around the two new Box 12 codes and how to know when to use them.
• Most up-to-date legislation releases
• Calculating tax in 2021 and how the new W-4 has affected us
• State-specific W-2 reporting and what you need to know