2017 Payroll Tax Update: Understanding New Changes To W-2s, Taxable Wage Limits, Benefit Maximums, Overtime, ACA Forms, And More
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How can you be sure you’re compliant with IRS, Affordable Care Act (ACA), and other regulations? Right now, ensuring payroll tax requirements are met for 2017 is a top priority for HR and compensation professionals. And there’s a lot to keep track of:
Don’t get caught unprepared. Join us when employment tax expert Mark Schwartz will help you make sure all your 2017 payroll tax administration practices and forms comply with current requirements.
- Under the ACA, employers’ payroll systems need to be equipped to handle employee-share withholdings and to record payments on an information return.
- As paid sick leave mandates continue to take the nation by storm, organizations must ensure that their payroll systems are equipped to track hours (even for salaried workers) and accrue appropriate minimum sick leave.
- The timely and accurate reporting of payroll tax returns is critical. Failure to file
- W-2s and to give them to workers can result in per-item penalties from $30 to $100. Additionally, continued failure to file 1099s and 1096s can result in total penalties of between $250,000 and $1.5 million!
- You need to be able to accurately factor bonuses, holiday gifts, and other compensation factor into annualized payroll taxes—or face steep IRS penalties.
- The accurate calculation of nondiscretionary bonuses to properly account for overtime pay is crucial—and frequently overlooked. Getting it wrong can result in costly audits for overtime compliance as well as payroll tax compliance.
Register now to learn about the impact of tax-rate changes, the ACA, and more on your payroll administration practices in 2017.
- The impact of tax rate changes
- What “affordable” means under the ACA and what’s considered adequate coverage—these affect payroll, as how much you can charge your workers is limited.
- Unemployment insurance rates, federal and state, income tax withholding rates, and many other withholding rates, which change each year, and sometimes more than once
- Where to get quick information on state SUTA and SIT rates, as well as other rules in the states where you operate
- How to communicate with your employees about payroll changes
- How the new DOL requirements affect your workers, and your budget
- How much SIT or FIT withholdings are rising
- How bonuses are taxed
About Your Presenter:
Mark SchwartzMark Schwartz
Employment Tax Specialist
Mark Schwartz is an employment tax specialist with more than 10 years of employment tax experience as an independent consultant and as a payroll tax auditor with the State of California. He has managed an audit caseload of 20 ongoing audits, from small home-based businesses to large multi-national corporations. He is expert at defining regulatory and statutory requirements from local, state and federal government agencies; and helping the average businessperson understand what those requirements mean to their business. He has processed weekly and bi-weekly payroll checks plus tax forms for businesses with hourly as well as exempt workers, multistate operations, and a wide variety of benefits.
Mr. Schwartz provides consulting services encompassing payroll processing and payroll tax issues. These include payroll tax minimization, payroll tax compliance reviews, independent contractor studies, use of electronic transfers, deductions, benefits, etc. He has represented both clients and the State in front of the State Appeals Board. He understands the complexities of local wage laws, unemployment and disability claims, and other wage and benefit issues affecting your employees.
Mr. Schwartz prides himself on his outstanding customer service skills. He listens attentively to his clientele, helping them bridge the gap between the small business world and Government bureaucracy. He eagerly assists with clients needs, and feels that educating clients toward faster, accurate and more complete payroll processes provides the most value.
Mr. Schwartz is a participating member of the American Payroll Association. He earned his BA and MBA in Finance at Santa Clara University. He has held Certified Internal Auditor and Certified Investment and Derivatives Auditor Credentials. He is currently pursuing a Certified Payroll Fundamentals Credential with the American Payroll Association.
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|Licenses / Designations / Educational Credits:||PHR / SPHR Re-Certification Credits|
All US States: 1.5
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|Keywords For This Course:|
2017 Payroll Tax Update: Understanding New Changes to W-2s, Taxable Wage Limits, Benefit Maximums, Overtime, ACA Forms, and More, Mark Schwartz, payroll taxes 2017, Internal Revenue Service, W-2, payroll reporting compliance, IRS, 1099 Forms, 1096 Forms, FICA, FUTA, SUTA, Federal Income Tax, State Income Tax
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