With the Tax Cuts and Jobs Act (TCJA) signed into law in December 2017, sweeping changes to Form W-4 became the most awaited. The biggest changes, since the form debuted in 1943, are now effective for the 2020 tax year - after a year of enforcement delay caused by feedback from payroll and tax communities.
The Internal Revenue Service introduces new changes to W-4 annually, and every year, most people undermine its importance. It happens despite the significant changes that may occur in any year, affecting how you fill out a W-4. Reviewing Form W-4 every year is a great way to stay current, even if it’s not mandatory from federal authorities.
This webinar offers a quick outline of the 2021 W-4 for both employers and employees. We will address the crucial points to fill out the W-4, and we will walk through the IRS withholding estimator. It will build a deep understanding, ensuring anyone can complete the W-4 form accurately, as per the individual situations.
Why You Should Attend
Why should you care about filling out a W-4 form? The form was reformed in 2020 to enhance its accuracy. While the 2021 version does not differ from the 2020 form, it’s important to stay informed and updated.
Taxpayers who fill out the 2021 form are less likely to end up with a hefty tax bill or a refund when they file tax returns in 2022 - an amount that they can invest in essentials throughout the year.
If that doesn’t make you want to review Form W-4, with the passage of the Tax Cuts & Jobs Act (TCJA) in 2017, major changes to employee withholding came to pass. They affected many taxpayers differently. Some of which are still taking place.
What You Will Learn
-The major differences between the old W-4 and modern form to employees wishing to make election changes
-Best way to communicate the changes to new and existing employees
-What employers need to understand and comply with for taxation
-A major resource to appropriately communicate the recent changes
-What’s so different in the new W-4 form?
-What expenses have now been eliminated
-How employees are reacting to these changes
-Why the TCJA introduced the IRS regulations
-Employee data privacy concerns about other sources of income
-What the TCJA 2017 includes and how it affects the 2021 W4
-Core changes in the W4 form and when it should be used
-How the payroll associations responded to these changes
Duration - 90 Mins.
You may ask your Question directly to our expert during the Q&A session.
Margie Faulk is a senior level human resources professional with over 15 years of HR management and compliance experience. A current Compliance Advisor for HR Compliance Solutions, LLC, Margie, has worked as an HR Compliance advisor for major corporations and small businesses in the small, large, private, public, Non-profit sectors and International compliance.
Margie has provided small to large businesses with risk management strategies that protect companies and reduces potential workplace fines and penalties from violation of employment regulations. Margie is bilingual (Spanish) fluent and Bi-cultural.
Margie’s area of expertise includes Criminal Background Screening Policies and auditing, I-9 document correction and storage compliance, Immigration compliance, employee handbook development, policy development, sexual harassment investigations/certified training, SOX regulations, payroll compliance, compliance consulting, monitoring US-based federal, state and local regulations, employee relations issues, internal investigations, HR management, compliance consulting, internal/external audits, and performance management.
Margie’s unique training philosophy includes providing free customized tools for all attendees. These tools are customized and have been proven to be part an effective risk management strategy. Some of the customized tools include the I-9 Self Audit. Correction and Storage program, Ban the Box Decision Matrix Policy that Employers can provide in a dispute for allegations, Family Medical Leave Act (FMLA) Compliance Guide, Drug-Free Workplace Volatile Termination E-Book and other compliance program tools when attendees register and attend Margie’s trainings.
Margie holds professional human resources certification (PHR) from the HR Certification Institution (HRCI) and SHRM-CP certification from the Society for Human Resources Management. Margie is a member of the Society of Corporate Compliance & Ethics (SCCE).
SHRM-CP Recertification The webinar will be approved for 1.5 CEU toward Society for Human Resource Management - Certified Professional (SHRM-CP) to ensure that you’ve been trained by a certified professional(s) in this session.
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