Year End and Year Beginning - Tax Year - Payroll Training
- Speaker:Vicki M. Lambert
- Product Code:GRC-90062
HRCI Credits: 2.00
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
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This webinar concentrates on preparing the department for the end of the calendar tax year and the new year processing. Topics include reconciling, completing and submitting Form W-2 federal and state; update to annual changes from the IRS, SSA, DOL and on the state level; and best practices that will help make the year-end and year beginning go smoother.
Preparing for year-end should not begin in October or November as it may have in the past. Preparation should begin in January and be conducted throughout the calendar year. This is especially important now as the IRS is looking at year-end compliance issues. In this webinar we will give the latest best practices to help your payroll department transition from a year end crunch to a smooth and compliant year end process. We will discuss how check lists can help keep you on track to ensure all tasks are completed. How a simple two page memo can prevent dozens of employee questions. We will cover how your duplicate form W-2 request form and procedures should be set up and in place in advance of issuing the forms and how it will assist you when processing those requests in the upcoming year.
We will provide example of check lists that should be prepared for each year end to assist in a smooth transition. We will provide updates to for the calendar year 2017 on such items as social security wage base, deferred compensation limits, mileage rates and Forms W-2 and 941. This webinar will provide a sample of a form to request a duplicate Form W-2 that can be used by the attendee in their own department as well as information on setting up the procedures for requesting the form. We will discuss how to work throughout the year to collect information from accounts payable for year-end instead of trying to obtain all of the information in December. We will demonstrate how this helps smooth out the year end processing and relieve year end stress for both departments. We will provide the basis for a year end memo to help payroll departments inform the company’s employees of what lies ahead for the upcoming year to help curtail questions during this hectic time for payroll.
Information covered in the presentation:
- Reconciliation of Form W-2 to Form 941 and
why it must be done
- Update on year-beginning annual changes for
social security wage base, fringe benefit limitations, federal per diem
allowance, standard mileage rate, qualified transportation fringe benefits, and
- How to use the required year-end notice to
update your employees for the coming year
- Best practices on organizing the payroll department for year-end including action item check lists for Form W-2, Year end and Year beginning to ensure a smooth process
Vicki M. Lambert, CPP, is President and Academic Director of The Payroll Advisor™, a firm specializing in payroll education and training.
With over 35 years of hands-on experience in all facets of payroll functions as well as over 20 years as a trainer and author, Ms. Lambert has become the most sought-after and respected voice in the practice and management of payroll issues.