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CPE Self-Study

Best Practices for Payroll Taxes and 1099 Issues

Publisher: AICPA
  • $169.00-$219.00
    Best Practices for Payroll Taxes and 1099 Issues Online Access Product #: 157992
    AICPA Member: $169.00
    Non-Member: $219.00

This CPE course provides you with practical pointers for managing the payroll tax and reporting function. Learn how to avoid the frequent penalties in payroll tax reporting and stay up-to-date with the latest information. It also shows how to handle reporting and withholding requirements for employee fringe benefits. Master the often confusing rules for Form 1099-MISC and other information reports including when and how much to report. Make sure you and your clients are in compliance and not subject to IRS penalties!

Learning Objectives:
This course will prepare you to:

  • Recognize how to prepare timely and accurate wage and tax reports
  • Identify how to make timely and accurate payroll tax deposits and payments
  • Correctly classify employees and independent contractors for payroll tax purposes
  • Identify how to address payroll tax issues involving fringe benefits and their valuation
  • Identify and properly withhold for statutory employees and statutory non-employees
  • Recognize how to comply with information reporting including the various 1099 Forms and Form W-2
  • Identify how to properly report required information for new hires and obtain required information on work eligibility and identity
  • Recognize how to properly report back employee wages and back-up reporting of independent contractors
  • Determine taxable versus tax free compensation

Key Topics:

  • Update on new changes made to payroll tax legislation for the current year including changes in health care laws
  • Review of various websites, forms, publications, and other payroll and benefit tax resources
  • Properly reporting payroll withholding for various types of compensation
  • Understanding the 20 Factor Test for employee classification
  • Section 530 relief for employers with worker classification issues
  • Reporting requirements on a quarterly and annual basis
  • Understanding new hire reporting and latest changes in I-9
  • Reporting to verify employee identity and work eligibility
  • Forms W-2 and W-3 Issues
  • How to properly classify employee benefit tax liabilities

Who Will Benefit?

  • CPAs in industry and public accounting responsible for the payroll tax function and those CPAs advising clients on payroll tax issues

Prerequisite: Working knowledge of payroll tax issues or payroll type functions

Advance Preparation: None

System Requirements

About the Authors

Beth Stenberg, CPA

Louisville, Kentucky

Ms. Stenberg is currently the Financial Advisor for the Minority Caucus of the merged Louisville-Jefferson County Metro Government. She was the CFO of Jefferson County before the merger in 2003. Ms. Stenberg advises the council on financial issues of their $800+ million budget with over 7,000 employees. Prior to 1999, she worked in the Farm Credit System for 23 years in capacities such as Vice President, Financial Services and Chief Information Officer. She also owned a construction company that specialized in commercial and residential remodeling.

From 2000 to 2004 she served on the Governmental Accounting Standards Board Advisory Council, where she served as the Vice-Chairman for three years. In 2003, Beth served on AGA's pilot program to develop a certification program for Excellence in Governmental Performance Reporting. In 2006 and 2007 Beth served as Chairman of the Governmental Committee and is a past member of the Financial Literacy Task Force for the Kentucky Society of CPAs. Since 2007, she has served on the Board of the Kentucky Society of CPAs.

Ms. Stenberg taught in Tajikistan as well as with the Farm Credit System before coming to the AICPA, where she teaches continuing professional education courses to state societies and professional organizations nationwide. Beginning with the 2006 CPE year, Ms. Stenberg authored two payroll tax manuals and effective with the 2009 season a course on Individual Retirement Accounts. Beth is a 2007 and 2008 AICPA Distinguished Speaker recipient.



About the Publisher

AICPA

About the AICPA The American Institute of CPAs is the world’s largest member association representing the accounting profession, with more than 412,000 members in 144 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialty credentials for CPAs who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. Through a joint venture with the Chartered Institute of Management Accountants, it has established the Chartered Global Management Accountant designation, which sets a new standard for global recognition of management accounting.