W-2 and W-4 Updates and Best Practices: Preparing for January 2020 Deadline

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    Speaker: Miles Hutchinson


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    Duration: 90 Minutes
    Product Code: 51009
    Level: Intermediate

OVERVIEW

Experienced CGMA and businessman Miles Hutchinson will review the current law and regulations regarding the filing of Forms W-2 and preparation of new Forms W-4 for 2020 and will provide practical guidance in these areas that have become the subject of increasing IRS scrutiny.

WHY SHOULD YOU ATTEND

The IRS is changing the rules in regulatory reporting once again. The W-4 for 2020 is being revised to match the Tax Cuts and Jobs Act. The exemption allowance approach to computing withholdings is disappearing. We will examine the IRS rules and regulations, 2020, the new Form W-4 for 2020 and answer your questions about the impact and how to implement the new form.

In addition, we will review the W-2 and W-4 update and best practices and related issues to prepare you for a smooth reporting season.

AREAS COVERED

  • Review legal and regulatory changes for the reporting year
  • Summary of the impacts of the Tax Cuts and Jobs Act
  • Benefits/credits about to expire
  • Retirement funding – new thresholds
  • Updated forms, including the new W-4 for 2020 (no longer based on exemption allowances)
  • Reporting the cost of employer sponsored health coverage – which employers are affected, when employers must begin reporting, what to report, valuation methods, etc.
  • How to handle expense reimbursements made to employees-reportable/taxable?
  • How to fill out a W-4 form and how to efficiently execute an electronic W-4 program
  • Verifying employee social security numbers online
  • Electronic filing with the SSA using Business Services Online (BSO) – the requirements and benefits
  • Where to turn when you want to transmit employee copies of W-2’s electronically
  • What your company can do to minimize resource consumption when complying with this regulatory reporting requirement
  • What if we make a mistake? Corrections and penalties

LEARNING OBJECTIVES

Learn the latest updates on Form W-4 (major change planned for 2020) and Form W-2 (wage and withholding reporting). This W2 & W4 update webinar will prepare your staff for this filing year, improve your employee reporting set-up and maintenance practices, and reduce your risk of complaints from the IRS.

WHO WILL BENEFIT

This webinar will be invaluable for Accountants, CFOs, Payroll personnel, Human Resources, Accounts Payable personnel, Tax Managers and Attorneys.

SPEAKER

Years of Experience: 35+ years

Areas of Expertise: Financial Analysis and Modeling, Accounting, Strategic Planning, and Compliance with the Sarbanes-Oxley Act

Miles Hutchinson is a CGMA (Chartered Global Management Accountant) and experienced businessman. He has been an auditor with PriceWaterhouseCoopers and the Chief Financial Officer of a $1 billion real estate development company. Miles is a professional speaker and consultant who has presented over 2,000 seminars and training sessions on a myriad of business and financial topics, like financial analysis and modeling, accounting, strategic planning, and compliance with the Sarbanes-Oxley Act.

He has over 35 years of practical experience in strategic planning, analysis and reporting. He is the author of several useful reporting and tax tools. His clients include, Abbott Labs, Bank of America, Boston Scientific, Citicorp, Corning, the FBI, the FDA, the Federal Reserve, GE, Pfizer, Siemens, US Marine Corps, and the US Army.

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