Surgent's The Complete Guide to Payroll Taxes and 1099 Issues

Employment taxes are often overlooked as an area where more planning may be effective. Payroll taxes have become an increasing burden for the avera...

9/30/2021 8am - 4pm | Online | Surgent

$259.00

CPE Categories: Taxation (8 CPE)

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. 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 a comprehensive overview of federal payroll taxes, Form 1099, and related compliance issues.

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 employees who misclassify
Understand how to complete Forms W-2, 1099-MISC, 1099-R, and SS-8
Comply with the quarterly and annual reporting for employment tax deposits before and after the CARES Act
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
The CARES Act and employer responsibilities for Form 941
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, SS-8, and Form 940
Understanding payroll tax responsibilities in the gig economy

Prerequisites

None