The Form W-2 is one of the most important documents that payroll departments must process. Gathering the data for this document begins when the first payroll is run for 2014 and ends when it is reconciled after the last processing of the year. But there is more to ensuring that this document is correct and corresponds to all IRS and Social Security Administration (SSA) regulations than just crossing your fingers and hoping all the wages process through payroll got into the right box.
Each year the form is reissued by the IRS and 2014 is no exception. So what is new for this year and what changes are in place for upcoming years? That is one of the items that must be determined as soon as the form is released. To understand how to process the form correctly it must be understood what the IRS expects to be submitted within each of the boxes on the form. The only way to handle that is to review those requirements box by box paying special attention to known “hot spots” to watch out for such as payments made by sources other than payroll including accounts payable. Best practices have developed over the years to collect this data in the most efficient manner possible and it is imperative that each payroll department ensure that these practices are implemented. And finally to prove that the form is correct, payroll must reconcile this form to itself, the payroll and all of the forms 941 submitted in 2014 or face fines by the IRS, the SSA or both.
But despite all of this careful planning things can go wrong and a Form W-2 can be issued that is incorrect. That is when the decision must be made on how to correct this form. Do I reissue writing corrected statement on the top of the form or do I need to complete a Form W-2c? Submitting the form has changed over the years. Starting out and continuing as a paper form has been the norm. However in recent years technology has permitted payroll departments to begin submitting this form to employees electronically. But if and only if certain conditions are met including a full disclosure statement that must be signed by the employee. And finally there is the evitable request for duplicate copies of the form. What is the best practice for handling these requests? Must the form be a paper version of the form or can it be electronic and can I charge a fee for such a request?
Why Should you Attend:
Attend this 90 minute presentation to learn the changes to the Form W-2 for 2014 and the requirements for completing, reconciling, processing and filing this important document.
Objectives of the Presentation:
For the attendee to learn and understand the 2014 requirements for the Form W-2 including:
Who can Benefit:
- What changes, if any, are in store for the new year
- Box by box instructions for completing the form correctly
- Best practices for gathering information to complete the form including items paid through sources other than payroll
- How to reconcile the form to itself, your payroll, and the Forms 941 as required by IRS regulations
- What to do when an error is discovered on the Form W-2
- When to use the Form W-2c
- Filing the form with the Social Security Administration, with the employees and with the states
- Handling requests for duplicate copies of the form from employees
- What are the penalties for submitting incorrect or incomplete forms
- Payroll professionals
- Human Resources
- Accounting Personnel
- Business Owners
- Any individual or entity that must deal with the complexities and requirements of processing payroll including the Form W-2