Year End Processing: Latest Updates

Global Wizdom is recognized by SHRM to offer Professional Development Credits (PDCs) for SHRM-CP or SHRM-SCP. This program is valid for 1 PDC for the SHRM-CP or SHRM-SCP.

Overview:
The IRS provides updated tax rates and changes how taxable income is calculated each year. This year changes will be more significant than in the past, due to Tax Reform. The continued changes that affect the new Form W-4 and tax calculations in 2020 will be significant. This webinar will assist the seasoned payroll professional on new legislation that they need to be prepared for. This webinar will also assist the beginner around W-2 processing plus to better understand all the boxes on the Form W-2 and what should be reported. A brief overview of year-end and W-2 best practices will also be discussed.

Review of updated Information reporting deadlines and penalties and updates to how we process the W-2 form.

Why Should You Attend:
•  Details of how to close the 2020 year to make sure your W-2’s are correct and 941 reconciliation happens correctly.
•  Review box by box of the W-2 and how tax reform has changed W-2 reporting.
•  State-specific W-2 reporting and what you need to know
•  W-2 Requirements
•  Updated legislation to consider for W-2 and 2020
•  State by State discussion of special W-2 considerations

Areas Covered in the Session:
1.  Form W-2
2.  W-2 Requirements
3.  Filing deadlines
4.  Electronic delivery of Form W-2
5.  Handling Duplicate W-2 requests
6.  Taxation of Fringe Benefits and proper YE Processing
7.  Annual Updates
8.  Tax Reform and what we know
9.  Balancing and COVID-19 credits
10.  Year-End Best Practices