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.
- Statutory employees, independent contractors, and possible changes to §530 relief
- Using SS-8
- The CARES Act and employer responsibilities for Form 941
- 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
- Understanding payroll tax responsibilities in the gig economy
- Distinguish an employee from an independent contractor and understand the relief available to employees who misclassify
- 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 before and after the CARES Act
- Examine employer requirements regarding Form W-4
- Understand the gig economy and the payroll tax responsibilities associated with it
CPAs in public accounting and industry with responsibility for payroll tax compliance