Payroll BootCamp: 2022

Vicki M. Lambert

Vicki M. Lambert

Vicki M. Lambert, CPP, is President and Academic Director of The Payroll Advisor™, a firm specializing in payroll education and training. The company offers a payroll news service which keeps payroll professionals up to date on the latest rules and regulations. With nearly 40 years of hands-on experience in all facets of payroll functions...
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Pre-recorded
300 Mins
Vicki M. Lambert & Dayna J. Reum, CPP, FPC

2022 Payroll Updates You Should Know to Stay Compliant with State & Federal Laws!

Session I- Payroll Tax Changes For 2022

DURATION: 90 MINUTES | SPEAKER NAME: Vicki M. Lambert

Preparing for year-end should not begin in October or November as it may have in the past. Preparation should begin in January and be conducted throughout the calendar year. This is especially important now as the IRS is looking at year-end compliance issues. In this session, we will discuss the latest best practices to help your payroll department transition from a year-end crunch to a smooth and compliant year-end process. We will discuss how checklists can help keep you on track to ensure all tasks are completed. How a simple two-page memo can prevent dozens of employee questions. We will cover how your duplicate Form W-2 request form and procedures should be set up and in place in advance of issuing the forms and how it will assist you when processing those requests in the upcoming year.

We will provide examples of checklists that should be prepared for each year-end to assist in a smooth transition. We will also provide updates for the calendar year 2022 on such items as social security wage base, deferred compensation limits, mileage rates, and Forms W-2 and 941. This session will provide a sample of a form to request a duplicate Form W-2 that can be used by the attendee in their own department as well as information on setting up the procedures for requesting the form.  We will discuss how to work throughout the year to collect information from accounts payable for year-end instead of trying to obtain all the information in December. We will demonstrate how this helps smooth out the year-end processing and relieve year-end stress for both departments.  We will provide the basis for a year-end memo to help payroll departments inform the company’s employees of what lies ahead for the upcoming year to help curtail questions during this hectic time for payroll.

This session concentrates on preparing the department for the end of the calendar tax year and the new year processing.  Topics include reconciling, completing, and submitting Form W-2 federal and state; update to annual changes from the IRS, SSA, DOL, and on the state level; and best practices that will help make the year-end and year beginning go smoother.

Our expert speaker Vicki Lambert will also cover any late-breaking legislation/regulation changes—including COVID-19 reporting changes to Form W-2

Session Highlights:

  • Latest update on the Form W-4 for 2022!
  • 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 checklists 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
  • Status review of Publication 1494 for 2022
  • Changes to Form W-2 for 2021
  • Best practices for gathering, calculating, and reconciling W-2 data all year long as is now expected by the IRS
  • Taxation of fringe benefits for year-end including awards and prizes, personal use of company cars, and gift certificates
  • Latest update on white-collar exemptions
  • 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 the tax year 2021
  • Verifying employee names and SSN’s
  • Review of filing deadlines
  • Third-Party Sick Pay reporting


Session II- Payroll Overpayments: Handling Them Correctly In 2022

DURATION: 90 MINUTES | SPEAKER NAME: Vicki M. Lambert

Employees can be overpaid in even the most well-managed payroll department. Yes, it does happen when mistakes are made but it isn’t always the result of an error. Perhaps the employee received a sign-on bonus but did not stay for the required length of time. Or the employee was on advanced vacation but is now terminating before he or she has fully earned the time. No matter the reason, overpayments can and do happen and must be handled properly. The first questions that usually arise relate to IRS regulations. What is required if the overpayment occurred this year? But what if it occurred in a previous tax year, does that change the rules? Are the rules different for federal income tax than they are for social security or Medicare taxes? 

Recouping overpayments is also much more complex than just adhering to IRS code! Wage and hour law compliance must also be honored when dealing with overpayments. Before the payroll department even needs to determine IRS requirements they must first determine if recouping the overpayment is even legal under the FLSA. Issues such as exempt employee status, minimum wage, and overtime rules for non-exempt employees must be considered when recovering overpayments from employees.  

And of course, the overpayment did not occur in a vacuum when it comes to state laws. Each individual state may have its own compliance issues involving wage and hour laws!  Is there a time limit for recouping the overpayment in that state? Does the employee have to be notified in advance before the deductions can begin? Or does the state just say NO! to the whole process?    

In this session, we will discuss these regulations and more including the private letter ruling that governs the IRS requirements. We will examine the FLSA requirements on recouping overpayments including the 1998 opinion letter that spells out these requirements. We will also discuss how to conduct research to determine the state’s requirements for handling overpayments. We will review the wage and hour laws of several states and the factors that they use to determine if an overpayment can be recouped.

Session Highlights

Handling Overpayments under IRS and State Tax Codes:

  • Why a 1990 IRS Private Letter Ruling on handling overpayments applies today 
  • Correcting overpayments in the same calendar tax year
  • Why asking for the gross is better than the net check for prior year overpayments?
  • Correcting FICA taxes for a prior year overpayment
  • Correcting FUTA/SUI taxes
  • Using Form W-2 or Form W-2c to report overpayments

Wage and Hour Laws and Their Impact on Recouping Overpayments:

  • The standards under the FLSA in terms of timeframe for recouping prior year overpayments
  • Is a written agreement for repayment always required under the FLSA?
  • Collecting overpayments from exempt employees and its effect on salary basis compliance
  • Recouping overpayments and its effect on minimum wage and overtime requirements
  • Can employers treat advanced vacation payments as overpayments if an employee terminates
  • Where do the states stand on recouping overpayments?


Session III- Form W-2 Updates for 2022

DURATION: 60 MINUTES | SPEAKER NAME: Dayna J Reum

The IRS provides updated tax rates and changes how taxable income is calculated each year. This session will assist the seasoned payroll professional on new legislation that needs to be considered. This session will also assist the W-2 newcomer to understand all the boxes on the Form W-2 and what should be reported. A brief overview of year-end and W-2 best practices will also be discussed. Also, any changes for the years 2020 and 2021 will be reviewed.

Session Agenda

  • Box by box review of the W-2
  • W-2 and 941 Reconciliation Process
  • Year-End Best Practices
  • State W-2 concerns

Session Highlights

  • Review of new W-2 reporting deadlines
  • Updates on how we process the W-2 form. 
  • Review of the new SSN truncation rules from the IRS on Form W-2.
  • Understanding when to check the status boxes for such things as retirement
  • How to properly reconcile the Form 941’s to your W-2/W-2 totals


Session IV- State Unemployment Insurance & The Federal Unemployment Tax Act (FUTA) Unemployment Form 940 Update

DURATION: 60 MINUTES | SPEAKER NAME: Dayna J Reum

IRS form 940 and Unemployment Tax Updates

For years the only changes payroll professionals had to worry about was normal rate changes for state unemployment each year.  But in recent years the IRS has made updates to the federal Form 940 and states are in a much different position financially regarding unemployment benefits.  Because several states are faced with depleted funds, changes are occurring on payroll unemployment taxes.  With COVIS-19 legislation and all the extension FUTA and SUTA taxation has been an area that has become more complicated for both employees and employers.

Join us for this must-attend session by Dayna J. Reum, CPP, where She will review the necessary updates on where our unemployment system is and how this will affect the way payroll professionals will do their jobs now and into the future. She’ll review the changes to form 940 and will also discuss on the COVID-19 legislative updates and how to deal with them.

Session Agenda

  • Form 940 basics and how to properly complete
  • Form 940 changes
  • FUTA and how to properly calculate
  • FUTA and SUTA and how they interact
  • Experience Ratings and how they work
  • SUI tips and tricks to keep cost down

Session Highlights

  • Understanding who and what earnings are subject to unemployment taxes
  • COVID-19 Legislative updates and how to manage them.
  • A review of FUTA tax rate and tax depositing
  • Discuss Form 940 changes and common mistakes made
  • How FUTA & SUTA interact and why it is important to understand
  • Discussion on the status of the state unemployment system and how it will affect your job in the coming years
  • Details of the FUTA Credit Reductions
  • What is the SIDES program and what its impact will be 
  • How to reduce and maintain your SUI rates

 

(Note: This is a combo of 4 Webinar)

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