Description

Employment taxes are often overlooked as an area where more planning may be effective. Payroll taxes have become an increasing burden for the average business, and IRS penalties for noncompliance have risen dramatically in recent years. The Service has announced that uncovering noncompliance by employers ranks high on its audit list. This course presents a comprehensive overview of federal payroll taxes, Form 1099, and related compliance issues.

Instructor: Debbie Phillips, M.S.T., CPA

Target Audience

CPAs in public accounting and industry with responsibility for payroll tax compliance

Course Objectives

Distinguish an employee from an independent contractor and understand the relief available to employers who misclassify employees

Understand what is needed to complete Forms W-2, 1099-MISC, 1099-R, and SS-8

Understand the gig economy and the payroll tax responsibilities associated with it

Subjects

Payroll tax requirements for wages, including wages subject to the .9 percent tax, employee benefits and reimbursements, nonqualified deferred compensation, stock options, and tips

Fringe benefits issues, such as health insurance, life insurance, cafeteria plan benefits, accountable and non-accountable plans, standard mileage rates, and per diem rates

Special issues -- Using a common paymaster, how to file W-2s after a takeover, merger, or acquisition, and state and local tax withholding

Statutory employees, independent contractors, and possible changes to §530 relief

Penalties -- Who is a responsible person?

Expenses and gross-up calculations

Pension issues and payroll taxes including SIMPLE plans, and §401(k) and pension distributions

The Electronic Federal Tax Payment System (EFTPS)

Forms I-9, W-9, W-2, 1099, 1099-NEC, SS-8, and 940

Understanding payroll tax responsibilities in the gig economy