Payroll Essentials: De-mystifying Form W-4

Overview

With the roll out of a new Form W-4 in late 2019, the IRS made significant changes to employers’ withholding and payroll reporting requirements. In addition to the myriad of changes brought about by COVID-19 legislation, carried out through the payroll function, the IRS fundamentally revamped Form W-4 for employee reporting, doing away with the concept of allowances and requiring changes to payroll administration and employee communications. Now more than ever, employers need to know that the W-4 they are working with is working to withhold income taxes correctly for their employees. In addition, it is the employer’s responsibility to ensure Form W-4 is filled out correctly and accurately. Employers need to understand the nuances and requirements that come with this obligation. This course will review the Form W-4 in all its glory, including all the changes that were made to the format and substance of the form, understanding what an employer can and cannot do, and how to actually fill out the Form W-4. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Highlights

The major topics covered in this class include:

• Form W-4, Employee Withholding Certificate changes
• Understanding what an employer can, and cannot do with regards to Form W-4

Prerequisites

None

Designed For

Appropriate for professionals at all organization levels, including seasoned professionals. This includes CPAs in public practice, as well as tax professionals working in industry, including those in Controller and CFO roles with limited exposure to payrol

Objectives

After attending this presentation you will be able to...

• Recall the changes the IRS has made to Form W-4, including new line items not included in previous versions
• Identify resources employers can provide to employees who require assistance in filling out Form W-4
• Indicate the requirements employers must know about accepting a Form W-4, what constitutes a valid Form W-4, and when a new form should be submitted
• Recognize common mistakes and errors that can trip employers up in their withholding obligations and payroll administration duties

Preparation

None

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by CPA Crossings. Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.