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Human Resource & Payroll

Navigating the IRS Updates : Form W-4 for 2024

Overview:

Dec of 2017 The Tax Cuts and Jobs Act was passed, and it was one of the most significant tax changes in sometime. This webinar will prepare the payroll professional to understand the changes to the Form W-4 from 2018 to review the recently released draft 2024 W-4 Form. Before changes the Form W-4 was a critical form that all companies must obtain from employees and has had special processing requirements. A review of the IRS specific laws around processing of the Form W-4 and how they should be handled will be discussed. 2023 has continued to bring changes that this webinar will review.

 

Areas Covered in this Training:

· Review of the latest draft form W-4 for 2024
· Understanding the proper way to process a Federal W-4
· What should be the proper process for an invalid W-4 in 2023
· Proper processing and maintenance of an IRS lock in letter
· Electronic W-4 requirements and what the new form means for employers with electronic W-4 systems
· Understanding the requirements around Form W-4 and how an employer can be at risk
· IRS Form W-4 change requirements and how it affects you as an employer
· Employer notification requirements and important deadlines for both Form W-4
· Review and examples on the new ways to calculate federal taxation in 2023
· Best Practices on how employers can better communicate W-4 changes to employees
· Review of the employer instructions and publication 15-T
· Discover the various methods of calculating income tax withholding using current and prior year forms W-4

 

Why attend this Training:

The importance of the Form W-4 is fundamental to the payroll department. It is the foundation for the taxation of an employee’s paycheck as well as a required IRS form. Failure to handle the form correctly and completely can open the door to serious problems not only in properly withholding from the employee’s gross wages but could extend beyond the regulations and affect payroll customer service or employee morale. It can also lead to costly expenditures of time and budget resources to correct non-compliance consequences.

This webinar takes a closer look at the IRS Form W-4 for 2024 and what’s in store for payroll in the new year. This includes the requirements for completing the form properly, handling non-resident aliens, state equivalent forms, record retention and processing the form electronically instead of on paper. We will also discuss best practices for processing more efficiently within the department.

 

Suggested Attendees:

· Payroll Executives/Managers/Administrators/Professionals/Practitioners/Entry Level Personnel
· Human Resources Executives/Managers/Administrators
· Accounting Personnel
· Business Owners/Executive Officers/Operations and Departmental Managers
· Any individual or entity that must deal with the complexities and requirements of Payroll compliance issues

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