2020 - Form W-4 Compliance for 2020 and Beyond

OVERVIEW
The Employee Withholding Certificate, commonly known as the Form W-4, is an IRS form used by an employer to withhold the correct federal income tax from an employee’s pay. In this practical webinar, you will learn about the changes to withholding computations for the 2020 W-4.
Among other things, you will explore the various methods used to compute withholding and the new IRS Publication 15-T – Federal Income Tax Withholding Methods. You will also receive detailed information that payroll professionals need to know now in order to remain compliant in 2020.The IRS issued a new Form W-4 for 2020. The new form must be used for all employees who receive their first pay check after December 31, 2019 and any existing employees who change their withholding amount after December 31, 2019.
This webinar will cover the changes to the 2020 W-4, who must provide the employer with the 2020 Form, the method used to compute withholding, the new IRS Publication 15-T – Federal Income Tax Withholding Methods and other information payroll professionals need to know now to stay in compliance in 2020.
LEARNING OBJECTIVES
The legal requirement that the employer withhold income tax from employee compensation
Information provided on the 2020-W-4 and how it is used
2020-W-4 line by line
How to compute withholding for the 2020-W-4 and year W-4 Forms still in effect
The new withholding tables – How and when to use them. Example computations
The special instructions for non-resident aliens
State withholding certificates
When employees are required to revise W-4 Forms
Requirements for electronic W-4 Forms
Penalties for failing to withhold or deposit tax and reporting errors
Record retention requirements – how long must an employer keep the forms
WHY SHOULD YOU ATTEND
The new form does not use withholding allowances, so the method for computing withholding has changed. Since existing employees who do not want to change their withholding amount may leave prior Forms W-4 – Withholding Allowance Certificate in effect indefinitely, payroll professionals will have to know how use both withholding calculation methods.
Learning Objectives:
Understand the employer’s legal obligation to withhold tax
Know which employees are required to use the 2020 W-4
Know how to calculate withholding for 2020 using both 2020 and prior year W-4 Form information
Know what must or must not be included on each line of Form W-4 and how to identify invalid Forms
Know how to deal with special problems and situations related to Form W-4 such as non-resident alien forms, lock in letters, and invalid and questionable employee submissions
Be aware of the penalties for non-compliance
Know the record retention requirements
WHO WILL BENEFIT?
Payroll Professional
Public Accountants
Tax Compliance Officers
Enrolled Agents
Employee Benefits Administrators
Officers and Managers with Payroll or Tax Compliance Oversight
Company / Business Owners
Managers/ Supervisors
Public Agency Managers
Audit and Compliance Personnel
SPEAKER
Patrick Haggerty is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent taxpayers at all administrative levels of the IRS and is a Certified Management Accountant.
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