A major task for payroll departments is that of preparing W-2 Forms, furnishing them to employees and filing them with the Social Security Administration. The Forms must be correct, complete, and filed on time or the employer may face stiff penalties.
The due date for filing the forms with the Social Security Administration is currently January 31. This accelerated due date does not allow time for employees to advise employers of errors so that corrections can be made before the forms are filed with the Social Security Administration.Penalties for failure to file and failure to furnish timely correct W-2s increased significantly and are now indexed for inflation and will continue to increase each year.
Penalties are reduced or eliminated when errors are corrected quickly. It is important for payroll professionals to understand the rules that reduce or mitigate penalties and to act within the time limitations for maximum benefit. Understanding how to compute and process corrections by correctly completing Form W-2c is an essential skill.
Corrections to W-2 Forms frequently require that Forms 941 also be corrected. Similarly, a correction to a prior year Form 941 may require that prior year W-2 Forms also be corrected. It is important for payroll professionals to understand the relationship between Form 941 and the W-2 Forms and to know how to correctly prepare Form 941-X to correct errors on Form 941.
This webinar will discuss the common and not so common errors and adjustments that affect w-2 Forms and actions you can take now to reduce or prevent filing problems and errors, special reporting situations, and what to do when errors are discovered.
Session Highlights:
Describe the circumstances under which a W-C is required.
Discuss the corrected W-2 with your employee.
Explain the necessary changes required to your supervisor.
Identify when additional tax forms need to be amended e.g. Form 941.
Know the deadlines for minimizing penalties on late or incorrect W- 2 Forms.
Be aware of the exceptions to penalties on late or incorrect W-2 Forms.
Know when to file Form 941-X to make interest free adjustments.
Understand how the statute of limitations applies to Form 941 Amendments.
Understand the difference between a Form 941 adjustment and a Form 941 claim for refund.
Know which certifications must be obtained from an employee in order to ??le an adjustment or claim for refund for overpaid tax.
Q & A Session – Approximately 10 minutes at the end of the session.Speaker will accept emails of attendees for questions related to the presentation topic.
Why You Should Attend:
Penalties for late filing or filing incorrect W-2 Forms are on the rise. Penalties are reduced or eliminated when errors are corrected quickly. It is important for payroll professionals to understand the rules that reduce or mitigate penalties and to act within the time limitations for maximum benefit. Understanding how to compute and process corrections by correctly completing Form W-2c is an essential skill.
This webinar will discuss methods for avoiding or correcting errors on W-2 Forms and corresponding corrections on 941 Forms focusing on how to make required corrections while minimizing or eliminating penalties. The webinar will also discuss how to properly prepare and file Forms 941-X and W-2C and when to file the corrections.
Who Should Attend:
Payroll Supervisors and Personnel
Payroll Consultants
Payroll Service Providers
Public Accountants
Internal Auditors
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 / Risk Managers
You may ask your Question directly to our expert during the Q&A session.
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Patrick Haggerty
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. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars and presentations on a variety of topics including Payroll tax issues, FLSA compliance, information returns, and accounting.
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