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Preparing for Year End 2017 and Early 2018 (MLAD71J)
Learn Best Practices in Payroll Processing to Make the Year End and Early 2018 Go Smoother
Preparing for the year end should not begin in October or November as it may have in the past. Instead, preparation should begin in January and be conducted throughout the calendar year. This is especially important now as the IRS is looking at year-end compliance issues.
It is important that you learn about the latest best practices to help your payroll department transition from a year-end crunch to a smooth and compliant year-end process. You must understand how to work throughout the year to collect information from accounts payable for the year end instead of trying to obtain all of the information in December.
Join this session where expert speaker Vicki M. Lambert will concentrate on preparing your department for the end of the calendar tax year and the new year processing. You will learn about reconciling, completing and submitting Form W-2 at federal and state level and get updated on annual changes from the IRS, SSA, DOL and on the state level. You will learn best practices that will help make the year end and early 2018 go smoother.
Vicki will discuss how check lists can help keep you on track to ensure all the tasks are duly completed, such as how a simple two-page memo can prevent dozens of employee questions. She will cover how your duplicate form W-2 request form and procedures should be set up and in place in advance of issuing the forms and how it will assist you when processing those requests in the upcoming year. Vicki will also provide examples of check lists that should be prepared for each year end to assist in a smooth transition. You will also get updates for the calendar year 2018 on such items as social security wage base, deferred compensation limits, mileage rates and Forms W-2 and 941.
You will get a sample form to request a duplicate Form W-2 that can be used in your own department as well as information on setting up the procedures for requesting the form. Vicki will discuss how to collect information from accounts payable throughout the year instead of trying to obtain all of the information in December. This helps smooth out the year-end processing and relieve year-end stress for both departments. You will also receive the basis for a year-end memo to help payroll departments inform the company’s employees of what lies ahead for the upcoming year; this will curtail questions for payroll during this hectic time.
Vicki will also cover any late-breaking legislation/regulation changes which may result from the new administration or congressional action either by inclusion in the event or through information updates which will be made available to you after the fact.
This session will cover:
Why Form W-2 to Form 941 must be reconciled
Update on early 2018 annual changes for social security wage base, fringe benefit limitations, federal per diem allowance, standard mileage rate, qualified transportation fringe benefits, and more
How to use the required year-end notice to update your employees for the upcoming year
Best practices on organizing the payroll department for year-end including action item check lists for Form W-2, year end and year beginning tasks
How to handle duplicate requests for Form W-2 including charging fees
Changes to form W-2 for 2017
Possible changes to Form 941 for 2018
Best practices for gathering, calculating and reconciling W-2 data all year long as expected by the IRS
Taxation of fringe benefits for the year end including awards and prizes, moving expenses, personal use of company cars and gift certificates
Latest update on white-collar exemptions
Electronic delivery of W-2s to employees
When to use the Form W-2c and when to correct the W-2 itself
State regulatory changes affecting payroll including SUI wage bases, minimum wage increases and more
Review of EFW-2 record changes for tax year 2017
Verifying employee names and SSNs
Review of filing deadlines
Third party sick pay reporting
Who Should Attend
Those who handle closing out the calendar year payroll and preparing Forms W-2, including:
Vicki M. Lambert, CPP is President and Academic Director of The Payroll Advisor™ a firm specializing in the training of payroll professionals. With over three decades of hands-on experience in all facets of payroll functions as well as over 20 years as a trainer and author, Ms. ...