Payroll Employment Tax Compliance

Authored by Miles Hutchinson
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.
$ 51.00
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NASBA Field of Study
Taxes
Level
Basic
CPE Credits
2.0
Prerequisites
None
Last Updated
04/02/2018
12881