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Payroll Legislative Update
- Review legal and regulatory changes for the year.
- New Final Rule effective 1/1/20 to update minimum salary amounts to be properly classified as Salaried Exempt.
- New Final Rule effective 3/16/20 re: Joint Employer Status under the FLSA.
- Benefits/credits about to expire.
- COVID-19 credits: correctly report qualified sick leave, employee retention and other credits on Form 941, and complete Form 7200 if needed.
- Retirement funding – new thresholds.
- Updated forms and instructions.
- 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.
- Step-by-step coverage of the new Form W-4 that went into effect 1/1/20.
- How the Online Withholding Estimator can benefit you and your employees.
- 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.
Overview of the webinar
Every year the government changes various employment, benefit and reporting compliance rules. Now that we understand the Tax Credits and Jobs Act (TCJA), we hear rumblings of potential changes and interpretations. In addition, we have experienced a severe pandemic which has created several new credits. Is it any wonder that businesses are struggling to comply with this burdensome body of law and regulation? You can help. You can keep abreast of the changes and liaison with leadership to keep your company in compliance with utmost efficiency.
Learn the latest updates from the Department of Labor on new minimum weekly standard salary level and the total annual compensation requirement for “highly compensated employees.” Get up-to-date information on the new IRS Form W-4 for 2020 and Form W-2 wage and withholding reporting. This 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. Experienced CGMA and businessman Miles Hutchinson will review the current law and regulations regarding the filing of Forms W-2 and W-4 and will provide practical guidance in these areas that have become the subject of increasing IRS scrutiny.
Who should attend?
- Payroll Managers
- Payroll clerks
- HR Managers
- Information Reporting Officers
- Tax Managers
- Compliance Officers
- Compliance Managers
- CFOs
- Controllers
- Accounting Managers
- Auditors
Why should you attend?
If you are concerned about your company’s ability to comply with U.S. labor and payroll laws, join us for a quick update and help ensure your company pays your employees fairly and handles tax and other withholdings properly.
Faculty - Mr.Miles Hutchinson
Miles Hutchinson has been an auditor with PriceWaterhouseCoopers and the Chief Financial Officer of a $1 billion real estate development company. Miles is a highly sought-after professional speaker and consultant who has presented over 1000 seminars and training sessions on a myriad of business and financial topics, such as financial analysis and modeling, accounting matters, strategic planning, and compliance with the Sarbanes-Oxley Act. His clients include Abbott Labs, Citicorp, the FBI, GE, Pfizer and the US Marine Corps.
Credits
HR (General) recertification credit hours toward aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through HR Certification Institute® (HRCI®). Please make note of the activity ID number on your recertification application form. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org
ComplianceIQ is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for [1.5] PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org.