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2016 Payroll Tax Update: New Forms and Requirements Explained

About This Course:
How are your payroll tax requirements changing for 2016? How can you be sure you are compliant with IRS, Affordable Care Act (ACA), and other regulations?

This is a critical time for HR. Why? First, due to the ACA, many systems need to adjust to handle employee-share withholdings and to record payments on an information return. And, with paid sick leave laws building momentum, systems should be equipped to track hours (even for salaried workers) and accrue appropriate minimum sick leave.

Also, timely and accurate reporting of information returns is critical. Failure to file W2s 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.

Other issues that must be on your radar are bonuses, holiday gifts and other compensation: These can be annualized for payroll tax purposes, and failing to properly withhold can result in back taxes, penalty and interest. And non-discretionary bonuses must be used to calculate the regular rate of pay for overtime, meaning you must pay overtime on the portion of the bonus applicable to the weeks in which the worker worked overtime. This is frequently overlooked, and can result in audits for overtime compliance as well as payroll tax compliance.

Join us to learn how to make sure all your 2016 payroll administration practices and forms comply with current requirements.

Learning Objectives:
  • 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 new health care offerings may affect their paychecks
    • How much SIT or FIT withholdings are rising
    • How bonuses are taxed
  • And much more!
Register now to learn about the impact that tax-rate changes, the ACA, and more have on your payroll administration practices in 2016.
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