A comprehensive seminar that guides you through U.S. payroll year-end preparation.
Reduce the risk of non-compliance penalties with this information-packed, one-day online seminar. It will specifically address the complex compliance issues of U.S. year-end payroll processing, including the latest changes in federal and state COVID-19 legislation and regulations that impact payroll. Preparing for U.S. Year-End and New Year brings you up-to-date on the latest changes in legislation and regulations that impact the close of 2020 and the beginning of 2021.
This seminar addresses the complex compliance issues of year-end, including the latest changes in legislation and regulations that affect the close of one year and the beginning of the next. By attending this class, you will:
- Learn how COVID-19-related legislation and agency guidance will continue to impact your organization
- Understand the IRS's proposed withholding regulations, which are consistent with the redesigned 2020 Form W-4
- Find out the latest developments in Flexible Spending Account (FSA) rules, including an increase in the maximum carryover amount.
- Examine recent DOL opinion letters illustrating FLSA compliance issues
Who Should Attend?
Payroll, human resources, systems, accounting, and finance professionals responsible for payroll operations and involved in year-end processing.
!! IMPORTANT !!
Sound for this online session is streamed directly through your computer or electronic device. Participants will not be provided with a dial-in number.
Please test check your system BEFORE you register. Make sure you are connected via your local desktop (not through your company’s server) to perform this test and view the future presentation. Click here to test your system and for troubleshooting tips.
- Year-end checklist, accumulators, and project plan
- Verifying social security numbers
- Social Security Administration’s changes to reporting
- IRS fights tax refund fraud
- Verification of employee data, reconciliations, and year-end notices
State Regulations Impacting Year-end
- State Annual Reconciliation Return and Magnetic Media/Electronic Reporting
- State Unemployment and Disability Wage Bases
- Social security wage base
- Social security/Medicare threshold for domestic employees and election workers
- Medicare tax rate
- Retirement plan changes
- Fringe benefit limitations
- Federal per diem and mileage rates
- Federal standard deduction
- Federal tax levies – Publication 1494
- Automobile rates
- Qualified transportation fringe benefit limits
- Information return and payee statement penalties
- Affordable Care Act annual adjustments
- Income exclusion for U.S. citizens living abroad
- Health Savings Account limits and definitions
Year-end Reporting and Taxation of Fringe Benefits
- Taxable fringe benefits
- Supplemental wages and grossing-up
- Moving expenses
- Group-term life insurance
- Awards, prizes, and gift cards
- Qualified transportation fringe benefits
- Loans to employees
- Deferred compensation
- Cafeteria and flexible benefit plans
- Nonqualified stock options
- Dependent care benefits
- Adoption assistance
- Overpayments and repayments
- Forms 1094-C and 1095-C, third-party sick pay, W-2 retirement plan check box, and health insurance reporting
Government Issues Review
- Legislative Actions
- COVID-19-Related Legislation
- IRS restructuring legislation includes payroll provisions
2020 Legislative Proposals
- Federal agency budgets and payroll impacts: what’s funded, what isn’t
- An update on Mobile Workforce legislation
- IRS issues proposed rules for federal income tax withholding
- IRS issues proposed rule for withholding on retirement, annuity payments
- IRS issues proposed rules for meals and entertainment expenses
- Other proposed legislation
Regulations and Guidance
- Latest information on COVID-19-related compliance requirements
- IRS finalizes rules to allow truncating SSNs on employee’s W-2s
- IRS increases FSA carryover amount to $550
- IRS issues final regulations for employer provided vehicles
- IRS says no statute of limitations on assessing ESRP
- IRS issues guidance on qualified transportation fringe benefits
- DOL issues final rule for fluctuating workweek employees
- DOL finalizes rule for regular rate under FLSA
- DOL finalizes rule for joint employer status
- DOL issues final rule for retail or service establishments under FLSA
- DOL to stop automatically assessing liquidated damages in FLSA cases
- DOL issues opinion letters on FLSA topics
- Supreme Court to hear ACA case
- Employers cannot fire individuals for being homosexual, transgender
- Court finds company liable for sending false information return to IRS
- Court finds attendance plan interfered with employee’s FMLA leave
- Supreme Court allows state to criminally prosecute individuals for providing false information in connection with employment
- DOL signs misclassification agreement with New Mexico
- SSA will not send ‘No Match’ letters in 2020
- Nacha confirms effective date for rules expanding same-day ACH
Forms Review and Revisions
- Form 941, Schedules B, D, and R
- Form 7200
- Form 941-X
- Forms W-2 and W-2c
- Forms W-3 and W-3c
- Form 940
- Form 1099-MISC and 1099-NEC
- Form 4419
- Form I-9
- Income Withholding Order (IWO)
- National Medical Support Notice
Please note that after registering online for this event, you will receive an email confirmation that confirms your registration. Confirmation emails are sent approximately within 2 business days after the registration has been processed.
Three business days before the live event, you will be sent the link to access the online PD seminar on the scheduled day.
Also, detailed instructions on accessing the online PD seminar will be emailed to you on the morning of the event.
Cancellations or Transfers: requests must be received in writing at least four (4) business days prior to the online seminar date. Please note a cancellation fee or transfer fee in the amount of $50 plus applicable taxes will be applied. Cancellation or transfer requests received after the login information has been provided are not eligible for a transfer or refund.