Employer's Handbook: Health Care, Retirement, and Fringe Benefit Tax Issues

Overview

You could pay $0 for this course!
Employment taxes are often overlooked as an area where more planning may be effective. Payroll taxes have become an increasing burden for the average business, and IRS penalties for noncompliance have risen dramatically in recent years. The Service has announced that uncovering noncompliance by employers ranks high on its audit list. This course presents a comprehensive overview of federal payroll taxes, Form 1099, and related compliance issues.

Firms/companies with fewer than 50 staff can be reimbursed up to 100% of the cost of training and firms/companies with 50-100 employees can be reimbursed up to 50% of the cost of training. You must register for the course and apply for reimbursement through the Workforce Training Express Fund website a minimum of three weeks prior to the start of the course to be eligible. The course code for this program is C-15386. To learn more, click here or contact Julia Ekelund at jekelund@masscpas.org.

Highlights

Payroll tax requirements for wages, including wages subject to the .9 percent tax, employee benefits and reimbursements, nonqualified deferred compensation, stock options, and tips Fringe benefits issues, such as health insurance, life insurance, cafeteria plan benefits, accountable and non-accountable plans, standard mileage rates, and per diem rates Special issues – Using a common paymaster, how to file W-2s after a takeover, merger, or acquisition, and state and local tax withholding Statutory employees, independent contractors, and possible changes to §530 relief Penalties – Who is a responsible person? Expenses and gross-up calculations Pension issues and payroll taxes including SIMPLE plans, and §401(k) and pension distributions The Electronic Federal Tax Payment System (EFTPS) Forms I-9, W-9, W-2, 1099, 1099-NEC, SS-8, and 940 Understanding payroll tax responsibilities in the gig economy

Designed For

CPAs in public accounting and industry with responsibility for payroll tax compliance

Objectives

Distinguish an employee from an independent contractor and understand the relief available to employers who misclassify employees Understand what is needed to complete Forms W-2, 1099-MISC, 1099-R, and SS-8 Understand the gig economy and the payroll tax responsibilities associated with it