WHY SHOULD YOU ATTEND?
This training is invaluable for payroll professionals who want to ensure a seamless year-end closeout process and compliance with federal, state, and local tax requirements. Attending this session provides actionable insights and practical strategies for managing intricate payroll tasks, preventing year-end errors, and preparing for the new year’s payroll and tax obligations with confidence.AREA COVERED
- Detailed steps to verify employee Social Security numbers, addresses, and tax indicators.
- Methods for confirming and updating wage and benefit data, including deferred compensation and group-term life insurance adjustments.
- Procedures for handling special items like taxable fringe benefits and backup withholding.
- Steps for final payroll closeout, including accounting for voided or reversed checks.
- Compliance checks for accurate reporting on Forms W-2, W-3, and 941.
- Reconciling end-of-year payroll data to avoid discrepancies and penalties.
- Tips for setting up the new year, including scheduling payroll dates, updating tax rates, and preparing for new payroll requirements.
LEARNING OBJECTIVES
Participants will learn how to:- Verify and update employee and employer information to avoid discrepancies on tax forms.
- Identify and correct wage, tax, and benefit data errors before year-end reporting.
- Ensure compliance with IRS standards for Social Security and Medicare taxes.
- Properly handle deferred compensation, fringe benefits, and third-party sick pay.
- Accurately reconcile payroll data with Forms W-2, W-3, and 941.
- Prepare for upcoming year requirements, including updates to tax codes and state unemployment rates.
WHO WILL BENEFIT?
- Payroll Managers
- Payroll Specialists
- HR and Payroll Directors
- Payroll Compliance Officers
- Financial Controllers overseeing payroll functions
- HR professionals involved in payroll processing and tax reporting
- Detailed steps to verify employee Social Security numbers, addresses, and tax indicators.
- Methods for confirming and updating wage and benefit data, including deferred compensation and group-term life insurance adjustments.
- Procedures for handling special items like taxable fringe benefits and backup withholding.
- Steps for final payroll closeout, including accounting for voided or reversed checks.
- Compliance checks for accurate reporting on Forms W-2, W-3, and 941.
- Reconciling end-of-year payroll data to avoid discrepancies and penalties.
- Tips for setting up the new year, including scheduling payroll dates, updating tax rates, and preparing for new payroll requirements.
- Verify and update employee and employer information to avoid discrepancies on tax forms.
- Identify and correct wage, tax, and benefit data errors before year-end reporting.
- Ensure compliance with IRS standards for Social Security and Medicare taxes.
- Properly handle deferred compensation, fringe benefits, and third-party sick pay.
- Accurately reconcile payroll data with Forms W-2, W-3, and 941.
- Prepare for upcoming year requirements, including updates to tax codes and state unemployment rates.
- Payroll Managers
- Payroll Specialists
- HR and Payroll Directors
- Payroll Compliance Officers
- Financial Controllers overseeing payroll functions
- HR professionals involved in payroll processing and tax reporting
Speaker Profile
With over 20 years of experience across sectors like education, real estate, construction, retail, staffing, and technology, Brian Escobar is a distinguished HR and Payroll Director known for his expertise in global payroll operations, regulatory compliance, and HR management. He has led high-impact initiatives, from implementing comprehensive HCM systems and processing over 800,000 paychecks to achieving significant cost savings. A strategic leader, Brian excels in team development, process enhancement, and ensuring data accuracy across complex organizations. As the co-host of a popular payroll podcast, he shares his passion for teaching and advancing payroll best practices, consistently aligning payroll functions with …
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