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. As a result, they have also been subject to employer incentives. The Service has announced that uncovering noncompliance by employers ranks high on its audit list. This course presents an overview of employee versus independent contractor criteria, the federal payroll taxes form, 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 the withholding requirements for FICA and federal income taxes for Forms W-2 and 1099, including back-up withholding

Examine employer requirements regarding Form W-4

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

Subjects

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

Using SS-8

Payroll Tax Penalties -- Who is a responsible person?

Forms W-2, 1099, 1099-NEC, SS-8, W-4, 941, and Form 940 reporting/deposit requirements and due dates

Understanding payroll tax responsibilities in the gig economy