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Best Practices for Payroll Taxes and 1099 Issues

Author/Moderator: Beth Stenberg, CPA
Publisher: AICPA
Availability: Online Access
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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

NASBA Field of Study: Taxes
Level: Intermediate
Recommended CPE Credit: 14
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