IRS Form W-4, 941 Quarter 2, and 1099-NEC in 2022
The E-file Mandate is changing for 2022. The electronic filing mandate refers to how employers file W-2s and 1099s with the IRS. Since the late 1980s, the threshold has been 250 (if a business filed more than 250 forms, it was required to file electronically with the IRS). Proposed regulations call for the threshold to drop to 100 for 2022 forms filed in 2023, and to 10 for 2023 forms filed in 2024. It is critical to meet the mandate because employers would be subject to a failure to file a penalty if they file on paper when they should have filed electronically.
Nearly 3 years ago, the IRS released a new version of Form W-4 that dramatically changes the way employees fill out the form. This affects how employers calculate withholding. This training will cover the new form, and do a deep dive into the Tax Code and Regulations relating to the W-4 and the filing in 2022. The W-4 topic is actually "more than it seems" as far as when employees need to fill out a new W-4 when the employer needs to ask for a new W-4 and penalties for failure to comply.
Join our speaker, Jason Dinesen, on Clatid to understand the new Form W-4 and to cover other payroll updates, including the latest revisions to the Form 941. Learn how to claim the Employee Retention Credit if you haven't already. Plus, we'll discuss what's new with Form 1099-NEC and contract labor reporting and what's there to follow up within 2022.
What'll You Learn?
-Overview of the new W-4
-Form 941 - Quarter 2 filing in 2022 and the latest changes
-The regulations relating to Form W-4 - have more potholes than you'd think.
-Preparing your staff to comply
-What do employers do with the W-4?
-Employee retention credits (ERC)
-How to handle moving expenses?
-1099-NEC updates - NEW layout for 2022
-Reporting of independent contractors
-The E-file Mandate is changing for 2022
-How to calculate withholding now and with the new W-4?
-Other updates as time allows
Why Should You Attend?
Before changes, the Form W-4 was a critical form that all companies have to obtain from employees and has had special processing requirements. The latest Form W-4, Employee’s Withholding Certificate, radically changes the way employee paychecks are calculated. The form now includes major revisions, including several new input elements for federal income tax withholding calculations, which will require significant reprogramming of payroll systems.
This training will prepare the payroll professionals to understand the changes to the Form W-4 for the filing in 2022 and to review the recently released draft of the W-4 Form. We will also discuss the IRS-specific laws around the processing of Form W-4 and how you should handle them.
You'll Be Able to
-Understand changes to Form 1099-MISC and Form 1099-NEC
-Understand what to do with current employees who already have a W-4 on file
-Understand the new Form W-4 and the proper way to process a federal W-4
-Understand other payroll changes, such as the treatment of moving expenses
-This Program, ID No. 597927, has been approved for 1.0 HR (General) recertification credit hours toward aPHR™, aPHRi™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™, and SPHRi™ recertification through HR Certification Institute®? (HRCI®).
-This program is valid for 1.0 PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please portal.shrm.org.
Who Will Benefit?
-Payroll compliance practitioners
You may ask your Question directly to our expert during the Q&A session.