Year end is fast approaching, so once again it is time for the payroll department to close out and update information for the past year and prepare for the new one. 2011 brought many changes in payroll related issues. And the performance and success of 2012 will rely heavily on how well 2011 is updated and closed.
In this busiest time of year for payroll professionals, information and help in navigating the complex compliance issues that affect year end and year beginning are invaluable. Join renowned payroll expert Vicki M. Lambert in this information packed recap of compliance issues and requirements for 2011 Year End closing and information for preparing the payroll department for a successful 2012!
Areas Covered in the Session:
Who Will Benefit:
- Why you cannot use "magnetic media" in 2011 to submit to SSA but may have to use to submit to the state
- Reconciliation of Form W-2 to Form 941 and why it must be done
- Update on year-beginning annual changes for social security wage base, fringe benefit limitations, federal per diem allowance, standard mileage rate, qualified transportation fringe benefits and more.
- How to use the required year-end notice to update your employees for the coming year
- Best practices on organizing the payroll department for year end including action item check lists for Form W-2, Year end and Year beginning to ensure a smooth process
- How to handle duplicate requests for Form W-2 including charging fees
- Best practices for gathering, calculating and reconciling W-2 data
- Taxation of fringe benefits at year end including awards and prizes, moving expenses, personal use of company cars and gift certificates
- Electronic delivery of W-2s to employees
- When to use the Form W-2c and when to correct the W-2 itself
- State regulatory changes affecting payroll including SUI wage bases, minimum wage increases and more
- Review of EFW-2 record changes for tax year 2011
- Review of filing deadlines
- 2012 changes to Form W-2 including the Affordable Health Care Act
- Payroll Professionals
- Human Resources
- Accounting Personnel
- Business Owners
- Attorneys, or any individual or entity that must deal with the complexities and technicalities overtime calculation within the payroll process.