Guide to Payroll Taxes and 1099 Issues - Massachusetts Society of CPAs

Overview

You could pay $0 for this course!
This course qualifies for reimbursement through the State Workforce Training Express Fund. Firms/companies with fewer than 100 staff will receive 100% of the cost of training reimbursed. You must register for this course and apply for reimbursement through the Workforce Training Express Fund website a minimum of three weeks before the start date of the course to be eligible. The course code for this program is C-3367. To learn more click here or contact Julia Ekelund at jekelund@mscpaonline.org.

This course qualifies for EA/IRS and CFP credit. If you need EA/IRS credit, please contact Tyler Dion (tdion@masscpas.org) after you have registered and provide him your PTIN number.

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.

Highlights

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

Prerequisites

None

Designed For

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

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

Preparation

None

Fees

Credits

Level

Vendor

Fields of Study

Leader(s):

Deborah Phillips, Surgent McCoy CPE LLC

Leader Bios

Deborah Phillips, Surgent McCoy CPE LLC

Deborah A. Phillips, MST, CPA, is the Technical Executive Assistant in the Pre-Filing Technical Guidance area of the LMSB Division of the Internal Revenue Service. Ms. Phillips began her career with the IRS more than 27 years ago and has extensive accounting and taxation knowledge of individual, corporate, and partnership federal tax returns. She was a Territory Manager in the Retail, Food and Pharmaceuticals Industry, a Team Manager in the Heavy Manufacturing Industry and the IRC Section 263A Technical Advisor. She taught graduate and undergraduate courses in accounting and taxation as an adjunct faculty member at Delaware State University, Wilmington College, and Goldey-Beacom College. She has been a seminar presenter for over 15 years as well as a respected instructor within the IRS. Ms. Phillips earned her master’s degree in taxation from Widener University.

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