Objective
- 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
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 compliancePrerequisite
NoneAdvanced Preparation
None