Supplemental Pay Changes: New Rates & Rules Under TCJA

  EVENT DATE

April 18, 2019

  PRESENTER(s)

Dayna J Reum

  2:00 PM ET | 01:00 PM CT | 11:00 AM PT | 60 Minutes




DESCRIPTION



On January 11, 2018, the IRS issued Notice 1036, which provides the percentage method tables for income tax withholding in 2018. According to this new method, a flat withholding rate of 22% (down from 25%) will be applied on supplemental wages of up to $1 million and 37% on compensation in excess of $1 million. However, the decreased supplemental withholding means significant income tax obligations, especially for high earning employees.

Also, the Form W-4 is being revised to reflect changes made by the Tax Cuts and Jobs Act (TCJA), including changes in itemized deductions, increases in child tax credit, repeal of dependent exemptions and new dependent credit. All these changes will significantly impact individual taxpayers as they fill their returns.

Join us for this webinar with payroll expert, Dayna J. Reum, CPP, FPC, to understand what has changed with the new Tax Reform and how you can implement those changes at your organization. Get practical guidance and education on how you need to update your payroll processes in 2018 and 2019 to reflect the changes brought by the Tax Cuts and Jobs Act.

Session Highlights:

  • What are the changes brought about by the Tax Reform bill
  • Unforeseen impacts on various payroll processes
  • Reviewing the IRS Official Guidance to be released on January 2019
  • Handling and complying with payroll changes within a short period of time
  • Best practices on how to communicate with employees about the changes
  • How to properly handle questions and avoid being held liable for misinformation
  • Updates on taxation of specific fringe benefits
  • Clarification on taxation of various other fringe benefits
  • Supplemental withholding changes
  • Review of potential form changes
  • W-2 review and updates due to Tax Reform
  • W-4 updates and drafts

Who Will Benefit:

  • Payroll Professionals
  • Tax Professionals
  • Accounting Professionals
  • Controllers
  • Finance Professionals

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