Form W-4 Updates for 2022-23

Duration: 90 minutes

Speaker: Patrick A. Haggerty, EA

CREDITS:

Available On-Demand

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ABOUT THE EVENT

The Employee Withholding Certificate, commonly known as the Form W-4, is an IRS form used by an employer to withhold the correct federal income tax from an employee’s pay.

Starting in 2020 the W-4 differed significantly from the prior versions of the form. The major difference is the current forms focus on the employee’s expected tax situation for the year and withholding allowances or exemptions are no longer a factor after 2019. However, where employees have not submitted the new form to their employers, the older versions of the form remain in effect. Employers may have to deal with two different withholding computation procedures.

IRS Publication 15-T, Federal Income Tax Withholding Methods, provides tax tables and worksheets to accommodate tax computations for both prior to 2020 W-4 Forms and 2020 and later W-4 Forms

In this practical webinar, you will learn about how employees should complete the 2022 W-4 Forms. You will also learn how to use the Publication 15-T tables and the IRS Income Tax Withholding Assistant for Employers to compute withholding using either the 2020 or later W-4 Form information or the information from prior year W-4 Forms that are still in effect

Areas Covered:

The legal requirement that the employer withhold income tax from employee compensation.
Information provided on a 2020 or later W-4 and how it is used.
2022 Form W-4 line by line.
How to compute withholding for the current year and any prior year W-4 Forms still in effect.
How to use the Income Tax Withholding Assistant for Employers to facilitate manual computations
How to use the withholding tables. Example computations.
The special instructions for non-resident aliens.
State withholding certificates.
When employees are required to revise W-4 Forms.
Requirements for electronic W-4 Forms.
Penalties for failing to withhold or deposit tax and reporting errors.
Record retention requirements – how long must an employer keep the forms.

Learning Objectives:

Understand the employer’s legal obligation to withhold tax.
Know which employees are required to use the 2022 W-4.
Know how to calculate withholding using both the current W-4 version and prior year W-4 Form
Know how to use the IRS Income Tax Withholding Assistant for Employers
Know what must or must not be included on each line of Form W-4 and how to identify invalid Forms.
Know how to deal with special problems and situations related to Form W-4 such as non-resident alien forms, lock in letters, and invalid and questionable employee submissions.
Be aware of the penalties for non-compliance.
Know the record retention requirements.

Who Should Attend:

Payroll Professionals
Payroll Service Providers
Tax Compliance Officers
Enrolled Agents and Public Accountants
Employee Benefits Administrators
Officers and Managers with Payroll or Tax Compliance Oversight
Company / Business Owners
Managers/ Supervisors
Public Agency Managers
Audit and Compliance Personnel

Speaker(s)

Patrick A. Haggerty, EA

Pat Haggerty is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent taxpayers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars and presentations on a variety of topics including Payroll tax issues, FLSA compliance, information returns, and accounting.

CEUs

The use of this seal confirms that this activity has met HR Certification Institute’s® (HRCI®) criteria for recertification credit pre-approval.

Credits: 1.5

Compliance Prime is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for PDC(s) for the SHRM-CP or SHRM-SCP. For more information about certification or recertification, please visit www.shrmcertification.org

Credits: 1.5

Compliance Prime is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: https://www.nasbaregistry.org.

Credits: 1.5

Credits: 1.5

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