Surgent's The Complete Guide to Payroll Taxes and 1099 Issues

Overview

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. 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 a comprehensive overview of federal payroll taxes, Form 1099, and related compliance issues.

Highlights

• Payroll tax requirements for wages, including wages subject to the .9 percent tax, employee benefits and reimbursements, nonqualified deferred compensation, stock options, and tips
• Fringe benefits issues, such as health insurance, life insurance, cafeteria plan benefits, accountable and non-accountable plans, standard mileage rates, and per diem rates
• Special issues -- Using a common paymaster, how to file W-2s after a takeover, merger, or acquisition, and state and local tax withholding
• Statutory employees, independent contractors, and possible changes to §530 relief
• Penalties -- Who is a responsible person?
• Expenses and gross-up calculations
• Pension issues and payroll taxes including SIMPLE plans, and §401(k) and pension distributions
• The Electronic Federal Tax Payment System (EFTPS)
• Forms I-9, W-9, W-2, 1099, 1099-NEC, SS-8, and 940
• Understanding payroll tax responsibilities in the gig economy

Prerequisites

None

Designed For

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

Objectives

• Distinguish an employee from an independent contractor and understand the relief available to employers who misclassify employees
• Understand what is needed to complete Forms W-2, 1099-MISC, 1099-R, and SS-8
• Understand the gig economy and the payroll tax responsibilities associated with it

Preparation

None

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by Surgent. Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.