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. They have also been subject to employer incentives. 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.
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 Schedule 530 relief. Penalties – Who is a responsible person? Moving expenses and gross-up calculations. Form 941 issues and problems, such as disability benefits, tip income, and deceased employees. Pension issues and payroll taxes including SIMPLE plans, and Schedule 401(k) and pension distributions. The Electronic Federal Tax Payment System (EFTPS), Forms I-9, W-9, W-2, 1099, SS-8, and Form 940
Distinguish an employee from an independent contractor and understand the relief available to employers who misclassify. Understand how to complete Forms W-2. 1099-MISC. 1099-R. and SS-8. Comply with the quarterly and annual reporting for employment tax deposits
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Randy C. Newton, CPA, CVA, licensed as a CPA in North Carolina and South Carolina, is president and founder of NewtonCPA, PLLC. Randy’s area of expertise is in Corporate, Partnership, and Individual Income Tax Preparation – utilizing a proactive tax planning model that streamlines, simplifies, and works to reduce tax liabilities for small taxpayers. In addition, he specializes in IRS representation work plus tax planning and research. He also has specialty areas in Business Valuation, as well as Financial Planning. Prior to the creation of his own firm, Randy worked with First Union National Bank (now Wells Fargo) in the Corporate Accounting and Capital Markets Divisions. Randy received his Accounting degree, Cum Laude, from Appalachian State University in 1992 and is a member of Phi Kappa Phi National Honor Society. As a CVA, Randy can place a certified value on closely held businesses for business owners seeking to sell, buy, or merge, or going through an ownership change. Randy is a member of the North Carolina Association of CPAs (NCACPA), former two¬time president of the Charlotte Chapter of the NCACPA, and an active member of the American Institute of CPAs (AICPA).
Non-Member Price $349.00
Member Price $249.00