Guide to Payroll Taxes and 1099 Issues  (GPT4-SC)

4.00 CPE Credit Hours

Employment taxes are often overlooked as an area where more planning may be effective. Payroll taxes have become an increasing burden for the average business and IRS penalties for noncompliance have risen dramatically in recent years. As a result, they have also been subject to employer incentives. The Service has announced that uncovering noncompliance by employers ranks high on its audit list. This course presents an overview of employee versus independent contractor criteria, the federal payroll taxes form, Form 1099, and related compliance issues.

Designed For
CPAs in public accounting and industry with responsibility for payroll tax compliance

Objective

• Distinguish an employee from an independent contractor and understand the relief available to employees who mis-classify
• Understand the withholding requirements for FICA and federal income taxes for Forms W-2 and 1099, including back-up withholding
• Comply with the quarterly and annual reporting for employment tax deposits and filings
• Examine employer requirements regarding Form W-4

Highlights

• Statutory employees, independent contractors, and possible changes to 530 relief
• Using SS-8
• Payroll Tax Penalties - Who is a responsible person?
• Forms W-2, 1099, SS-8, W-4, 941, and Form 940 reporting/deposit requirements and due dates

Prerequisites
None

Advanced Preparation
None

Developer
Surgent CPE, LLC

Presenters
Edward Harter, Surgent CPE, LLC

Level of Knowledge
Beginning