The IRS has released a new version of the Form W-4 for determining employee tax withholdings. This new form is required for use by any new hire after January 1, 2020, and for any current employee with an old W-4 on file but who wants to update their withholding in 2020 or beyond. Unless existing employees want to change their withholding, they can continue to keep their old-version Form W-4 on file. This means there are two methods for determining employee withholding. In this course, Jason Dinesen is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. His practice focuses on tax and accounting services for small businesses and individuals. Dinesen has extensive experience working with a third-party administrator of retirement plans and is a prior presenter of multiple 1099 seminars. Dinesen majored in corporate communications with a minor in management from Simpson College. He started his practice in 2009. we will cover all of the changes on the W-4 in a line-by-line format. We will look at the W-4 from both the employee side and the employer side, including how employees determine withholding amounts.

Other topics covered include key numbers for 2020, proper payroll treatment of moving expenses and employee awards, and the IRS electronic filing mandate which will require e-filing of W-2s with the IRS if your business files 10 or more W-2s. We will also cover changes relating to independent contractors, including the new Form 1099-NEC which is required for usage in 2020 for reporting contract-labor pay.

Areas Covered

Course Level - Basic

Who Should Attend   

HR professionals, payroll professionals, office managers, bookkeepers, CFOs, accountants, managers.

Why Should You Attend

The IRS has released a new version of the Form W-4 for determining employee tax withholdings. This new form is required for use by any new hire after January 1, 2020, and for any current employee with an old W-4 on file but who wants to update their withholding in 2020 or beyond. Unless existing employees want to change their withholding, they can continue to keep their old-version Form W-4 on file. This means there are two methods for determining employee withholding. We will talk about those methods and all the Form W-4 changes in this webinar. We will also discuss key numbers for 2020, and changes to the Form 1099-MISC relating to contractors, including the release of a new form called Form 1099-NEC.

Topic Background

The IRS has redesigned the Form W-4 for 2020 and it is much different from what employees have used in the past for determining their tax withholdings.