About this Course
Topics covered include:
Best practices guidelines for payroll tax compliance;
Processes, controls and procedures to follow and keep your tax obligations paid on a timely basis;
Process for setting up new hires properly;
Steps to ensure all workers are properly classified as either employees or independent contractors and employees are properly classified as either FLSA exempt or nonexempt;
Form I-9 and why it must be prepared and evaluated within 3 days of employment;
Best timing to leverage this step to protect the employer from hiring illegal aliens;
Review the processes for gathering withholding information from employees on Form W-4 and the substantial revisions to this form due to H.R. 1 the newest tax reform act;
Best practices and related internal controls for processing your payrolls to ensure accurate payment of employees and computing all tax liabilities;
Review Form 941 and proper filing guidelines;
The reconciliation process applied to the W-2's by the IRS and the Social Security Administration.
Upon completing this course, you should be able to:
Describe the funding sources for the federal government;
Identify an employer's income and employment tax withholding and reporting requirements;
Recognize the consequences and penalties for non-compliance with requirements;
Identify whether internal controls are adequate to ensure compliance with tax withholding and reporting requirements;
Differentiate improper employment tax evasion schemes;
Recognize behavioral controls which would strongly indicate a worker is an employee;
Identify the function of Form SS-8;
Describe the responsibility of the employer with regard to employees;
Recognize options available to small employers for remitting Forms W-2 to the Social Security Administration (SSA);
Recognize how an employer's failure to pay employment taxes adversely affect the employee;
Describe when the payroll administrator will be at risk of personal liability;
Identify the responsible party for determining if a worker is an employee or an independent contractor;
Describe the law covering compensable travel time;
Differentiate when Nonresident aliens without a green card can or cannot be considered U.S persons for employment purpose;
Recognize the purpose of E-Verify;
Identify what the Tax Cuts & Jobs Acts eliminates for tax year 2018;
Recognize when Form W-4 is required to be sent to the IRS;
Identify when Form 941 should or shouldn't be filed with the IRS;
Describe the requirements for Form I-9;
Identify when the employer is required to pay nonexempt employees;
Recognize the purpose of Form 15-A.