Description
Take away valuable information to ensure you are handling this complex subject correctly in your own payroll shops.
This topic is designed for persons who are responsible for withholding, submitting, reporting, and processing employee tax and informational returns and find themselves unable to handle the issues that arise when adjustments or corrections are necessary. This information will answer those tough questions of howto, whento, and why.
Date: 2023-01-26 Start Time: 1:00 PM ET End Time: 2:05 PM ET
Learning Objectives
* You will be able to define the issues that cause the need to complete Form W2C.
* You will be able to identify related issues that arise from correcting Form W2C, such as penalties and the correction of other forms.
* You will be able to explain any potential liabilities that could arise for the employee and the employer.
* You will be able to review your current policies and procedures for accuracy and efficiency.
Purpose of Form W2-C
• Recap of When It Is Appropriate to Issue a Form W2-C
• Reasons to Issue a Form W2-C and When We Would Not Issue a Form W2-C
• Recap of Time Limits of Issuing a Form W2-C
• Three-Year Limit of Issuing a W2-C and the Significance of This Time Frame
Crosswalk of Corrections
• Relationship of Forms W2-C, 941-X, and Form 940
• How the Three Forms Relate to One Another and Why All Three Forms Need to Be Adjusted If an Adjustment Is Made to One
• Brief Overview of How to Complete a Form W2-C, 941-X, and Amended Form 940
• How to Complete the Correction Forms and the Common Mistakes Made as Well as Dos and Donts
Impact of Related Forms (Form 941, Form 940, and Other Reporting)
• Liability Adjustments
• Penalties and Interest of Understated Deposits
• Refunds of Overstated Deposits
• The Impact of the Types of Corrections Made and How the Overstated/Understated Deposits May Result in a Penalty or Refund
• How to Handle the Penalties and Requests for Refunds/Abatements
AIPB ,CPP/FPC (Pending) ,HR Certification Institute ,CPE ,SHRM ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
Veronica B. King, CPP, PB-Pay-Pro Business and Consumer Resources
