Overview
This webinar concentrates on preparing the department for the end of the calendar tax year and the new year processing. Topics include reconciling, completing and submitting Form W-2 federal and state; update to annual changes from the IRS, SSA, DOL and on the state level; and best practices that will help make the year-end and year beginning go smoother.
Areas Covered
- Latest update on the Form W-4 for 2024!
- Reconciliation of Form W-2 to Form 941 and why it must be done
- Update on year-beginning annual changes for social security wage base, fringe benefit limitations, federal per diem allowance, standard mileage rate, qualified transportation fringe benefits, and more.
- How to use the required year-end notice to update your employees for the coming year
- Best practices on organizing the payroll department for year-end including action item check lists for Form W-2, Year end and Year beginning to ensure a smooth process
- How to handle duplicate requests for Form W-2 including charging fees
- Status review of Publication 1494 for 2024
- Changes to Form W-2 for 2023
- Best practices for gathering, calculating and reconciling W-2 data all year long as is now expected by the IRS
- Taxation of fringe benefits for year-end including awards and prizes, personal use of company cars and gift certificates
- Latest update on white-collar exemptions
- Electronic delivery of W-2s to employees
- When to use the Form W-2c and when to correct the W-2 itself
- State regulatory changes affecting payroll including SUI wage bases, minimum wage increases and more
- Review of EFW-2 record changes for tax year 2023
- Verifying employee names and SSN’s
- Review of filing deadlines
- Third Party Sick Pay reporting
