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. The IRS issued a new Form W-4 for 2020. The new form must be used for all employees who receive their first paycheck after December 31, 2019, and any existing employees who change their withholding amount after December 31, 2019.
The new form is significantly different than W-4 Forms for prior years. The new Form W-4 does not use withholding allowances, so the method for computing withholding has changed. Since existing employees who do not want to change their withholding amount may leave prior Forms W-4 – Withholding Allowance Certificate in effect indefinitely, payroll professionals will have to know how to use both withholding calculation methods.
In this webinar, our speaker Patrick A Haggerty will be covered:
The legal requirement that the employer withholds income tax from employee compensation.
Information provided on the 2020- W-4 and how it is used.
2020-W-4 line by line.
How to compute withholding for the 2020-W-4 and year W-4 Forms still in effect.
Understand the employer’s legal obligation to withhold tax.
Know which employees are required to use the 2020 W-4.
Know how to calculate withholding for 2020 using both 2020 and prior year W-4 Form information.
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.
WHY SHOULD ATTEND
In this webinar, you will learn about the changes to withholding computations for the 2020 W-4. You will learn how to use the Publication 15-T tables and the new IRS Income Tax Withholding Assistant for Employers to compute withholding using either the 2020 Form W-4 information or the information from prior year W-4 Forms that are still in effect.
WHO SHOULD ATTEND
Payroll Service Providers
Tax Compliance Officers
Employee Benefits Administrators
Officers and Managers with Payroll or Tax Compliance Oversight
Company / Business Owners
Public Agency Managers
Patrick A Haggerty
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.