Guide to Payroll Taxes and 1099 Issues

Overview

Employment taxes are often overlooked as an area where more planning may be effective. Payroll taxes have become an increasing burden for the average business and IRS penalties for noncompliance have risen dramatically in recent years. As a result, they have also been subject to employer incentives. The Service has announced that uncovering noncompliance by employers ranks high on its audit list. This course presents an overview of employee versus independent contractor criteria, the federal payroll taxes form, Form 1099, and related compliance issues.

Designed For

CPAs in public accounting and industry with responsibility for payroll tax compliance

Major Topics

• Statutory employees, independent contractors, and possible changes to §530 relief
• Using SS-8
• Payroll Tax Penalties -- Who is a responsible person?
• Forms W-2, 1099, 1099-NEC, SS-8, W-4, 941, and Form 940 reporting/deposit requirements and due dates
• Understanding payroll tax responsibilities in the gig economy

Learning Objectives

• Distinguish an employee from an independent contractor and understand the relief available to employers who misclassify employees
• Understand the withholding requirements for FICA and federal income taxes for Forms W-2 and 1099, including back-up withholding
• Examine employer requirements regarding Form W-4
• Understand the gig economy and the payroll tax responsibilities associated with it

Prerequisites

None

Advanced Preparation

None

Level of Knowledge

Basic

Instructional Delivery Method

Group Internet Based

CPE Credit

Participants will earn 4.0 CPE credits

Field of Study

Taxes

Registration Requirement

Pre-registration is required for this event. To register, please visit our website at tx.cpa or contact our office at 800.428.0272. To receive the full CPE credit hours, you must be logged in and engaged for the duration of the program. Late arrivals and/or early departures will be captured by the submission of participant codes within the attendance monitoring application within the webinar broadcasting application.

Refunds and Cancellations

Registration changes can be made by calling 800-428-0272 or 972-687-8500 (option 2) or by emailing learning@tx.cpa. No shows forfeit the entire registration fee.

Cancellations for in-person conferences and events received at least 10 business days prior to the start of the event are eligible for a full refund. Cancellations received less than 10 business days prior to the start of the program are subject to a 50% cancellation fee due to facility, food and beverage fees being incurred.

Cancellations for webinars, webcasts, and online programs received at least five business days prior to the start of the program will be eligible for a full refund. Cancellations received less than five business days in advance of the program are subject to a 25% cancellation fee.

The Texas Society of CPAs is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of Continuing Professional Education (CPE) on the National Registry of CPE Sponsors. Boards of Accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.