DESCRIPTION
The purpose of the W-4 form is so your employer can withhold the correct federal income tax from your pay. If too little tax is withheld, you will generally owe tax when you file your tax return. If too much tax is withheld, you will generally be due a refund.
Form W-4P is slated to be split into two forms for tax year 2022, allowing for more accurate federal income tax withholding, according to IRS. During its October Payroll Industry Call, IRS announced plans to release the final versions of the overhauled Form W-4P and the brand-new Form W-4R in December 2021. The W-4P will help ensure that payers withhold income tax correctly from periodic pension, annuity, profit-sharing and stock bonus plans as well as from IRA payments.
In this webinar our expert speaker Vicki Lambert will review the current law and regulations regarding the filing of IRS Form W-4 for 2022 and what’s in store for payroll in the new year. This includes the requirements for completing the form properly, handling non-resident aliens, state equivalent forms, record retention and processing the form electronically instead of on paper. We will also discuss best practices for processing more efficiently within the department.
Why Should You Attend:
The importance of the Form W-4 is fundamental to the payroll department. It is the foundation for the taxation of an employee’s paycheck as well as a required IRS Form. Failure to handle the Form correctly and completely can open the door to serious problems not only in properly withholding from the employee’s gross wages but could extend beyond the regulations and affect payroll customer service or employee morale. It can also lead to costly expenditures of time and budget resources to correct non-compliance consequences.
Questions arise in processing the Forms almost daily in a payroll department. Is it a valid Form? If not, what should payroll do to correct the problem? Did the employee check the box on Line 2c? Did the employee complete Step 4? These are the types of questions that must be answered to process the Form completely and correctly. And it is not just the federal Form that payroll must process; many states have their own version of the Form and now do not permit the use of the federal Form for state tax withholding.
This webinar takes a closer look at the IRS Form W-4 for 2022 and what’s in store for payroll in the New Year. This includes the requirements for completing the Form properly, handling non-resident aliens, state equivalent Forms, record retention, and processing the Form electronically instead of on paper. We will also discuss best practices for processing more efficiently within the department.
Topics Covered:
- Review legal and regulatory changes for the reporting year
- Review of the latest draft Form W-4 for 2022
- Review of the employer instructions and publication 15-T
- Examples of calculating income tax withholding
- Discussion of how to handle calculating income tax withholding using prior versions of the Form
- How to use the new Form W-4 including the various new tables
- Summary of the impacts of the Tax Credits and Jobs Act
- Benefits/credits about to expire
- Retirement funding — New thresholds
- Updated forms, including the new form W-4 (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 efficiently execute an electronic W-4 program
- Verifying employee social security numbers online
- New for 2022: Sick Leave Credits and Employee Retention Credits — Learn how they affect your New Forms 941 and Worksheet 1
- Applying for advance credits using Form 7200
- 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
- Identify the latest updates on Form W-4 and Form W-2 wage and withholding reporting
- Recognize how to 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 Should Attend:
Accountants, CFOs, Payroll personnel, Human Resources, Accounts Payable personnel, Tax Managers and Attorneys.
Pioneer Educator is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
