New IRS Released Form W-4 for 2021

Description

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.

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

This webinar will prepare the payroll professional to understand the changes to the form W-4 for 2021 and to review the recently released. Before these changes the Form W-4 was a critical form that all companies have to obtain from employees, that drives how federal income withholding tax is calculated.

Session highlights:

• Understanding the proper way to process a federal W-4
• What should be the proper process for an invalid W-4 today and how it will look in 2021?
• Proper processing and maintenance of a IRS lock in letter
• Electronic W-4 requirements and what the new form means for employers with electronic W-4 systems
• Understanding the requirements around Form W-4 and how an employer can be at risk
• IRS Form W-4 change requirements and how it affects you as an employer
• Employer notification requirements and important deadlines for both Form W-4
• Discussion on what make the Form W-4 invalid
• Review of the tax reform legislation and how it affected the Form W-4
• Best Practices on how employers can better communicate W-4 changes to employees
• COVID tax Credits and requirements

Benefits of attending session:

A review of publication 15-T and the steps to completed federal tax withholding calculations will be reviewed. All IRS specific laws around processing of the Form W-4 today and tomorrow will be discussed.  Review COVID related updates that payroll professionals need to know such as how some credits have been extended and why.

Who should attend ?

• Human Resources Professionals
• Small Business Owners
• Payroll Professionals
• Attorneys
• Accounting Professionals
• Consultants