President Trump signed The Taxpayer First Act in summer of 2019, this act is intended to safeguard American citizen’s private information that the Internal Revenue Service is in possession of. The Act also allows the IRS to modernize some systems that will assist in securing data. Due to all this change there will be changes required that will affect payroll.
This webinar will go over the requirements of the Tax Payer First Act and will also cover the Draft of the 2020 Form W-4 that the IRS released on May 31, 2019 and how the W-4 changes will affect how payrolls calculate federal income tax in 2020.
Area's Covered in this Session:
- Change in W-2 electronic threshold requirements
- Could the 1099 reporting become electronic
- Standardization of Power of Attorney Requests
- How required Cybersecurity changes could impact
- Review of Draft Form W-4 for 2020
- New Requirements for Draft Form W-4
- Best Practices around communication and answering of employee questions
- Electronic W-4 System updates that will be required
- What is next for the Draft Form W-4?
Who Will Benefit:
- Payroll Professionals
- Human Resources Professionals
- Accounting Professionals
- Tax Professionals
- Compliance Professionals
- Employers in all industries
- Small Business Owners