Payroll Taxes: Your Comprehensive Guide for Compliance Self-Study Webinar (5 Hours)

Overview: 

Payroll tax laws are complex, and the penalties for not complying are steep. Failure to properly withhold can result in costly fines for employers, and Trust Fund Recovery Penalties against CPAs whose clients fail to remit monies. Learn the best ways to protect yourself—and your clients—from penalties, and get expert advice on proper filing procedures from a former IRS Senior Manager. This critical self-study webinar will:

  • Define what wages are subject to federal income tax withholding, FICA, Medicare and FUTA
  • Review tax responsibilities associated with independent contractors, and when back-up withholding applies
  • Explain the payroll tax computations, deposit periods and dues dates, and proper payroll tax forms that need to be collected and filed
  • Provide a thorough breakdown of IRS Trust Fund Recovery Penalties against CPAs for failure to properly remit and comply
  • Prepare you to defend yourself against aggressive positions taken by the IRS, in order to collect delinquent payroll taxes unpaid by your clients
Objective: 

To provide CPAs in practice and industry with the knowledge and skills to guide employers on meeting payroll tax withholding requirements for employees and independent contractors, while protecting themselves against IRS penalties. In addition, this self-study webinar will ensure that you’re up to speed on employer responsibilities regarding payroll tax computations, deposit periods, deposit dues dates, and the handling and filing of proper payroll tax forms.

Emphasis: 
  • Identifying staff members as employees or independent contractors
  • Wages subject to federal income tax withholding, FICA, Medicare and FUTA
  • Tax responsibilities associated with independent contractors, and when back-up withholding may apply
  • Payroll tax computations, deposit periods, deposit dues dates, and the collecting and filing of proper payroll tax forms (W-4, W-9, etc.)
  • Trust Fund Recovery Penalties leveled by the IRS against CPAs
  • Steps to defend yourself, and your clients, from aggressive attempts by the IRS to collect delinquent payroll taxes

Recognize the different payroll taxes subject to withholding

Recognize those wages subject to payroll tax withholding

Identify the time threshold for the exclusion of sickness and disability payments for Social Security and FUTA tax purposes

Identify the employer’s reporting ramifications of employee business expense reimbursements paid under an accountable plan

Identify the characteristics of employee fringe benefits excludible from wages and payroll tax withholding

Recognize the components and limitations of both FICA and Medicare taxes

Recognize the different types of statutory nonemployees

Identify the motivations behind an employer’s preference for independent contractor status over common law employee

Identify the factors indicating an independent contractor relationship versus an employee

Identify the payment threshold triggering the issuance of a Form 1099—MISC

Recognize a payer’s responsibility when a worker does not provide a valid TIN

Recognize a payer’s timeframe within which they must begin backup withholding after receiving notice from the IRS

Identify the monetary threshold for semiweekly deposits of withheld payroll taxes

Identify an employer’s deposit deadline for submission of withheld payroll tax liabilities

Recognize the penalties applicable to an employer that is late on depositing payroll tax liabilities

Recognize the penalties applicable to an employer that is late or fails to file information returns

Identify an employer’s responsibility for honoring an employee’s claim for exemption from federal income tax withholding on an ongoing basis

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Price: 
$109.00
Prerequisite: 

None.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Overview.

CPE Credit: 
5.00
NASBA Field of Study: 
Taxes