The IRS requires employers to report wage and salary information for employees on Form W-2. Your W-2 also reports the amount of federal, state and other taxes withheld from your paycheck.
As an employee, the information on your W-2 is extremely important when preparing your tax return. Sounds simple, doesn't it?
There are 20 boxes on the W2, and 34 codes to use in box 12 alone. If your compensation structure includes benefits, are subject to FMLA, grant a myriad of cafeteria plan benefits, have employees who work in more than one state, etc this form is far from simple.
There are changes most every year of one sort or another, and even the best maintained of payroll systems can miss some important edits. This can result in the forms being kicked back, which results in penalty and interest assessed on EACH W2 filed late. Further, if what’s on them doesn’t match your employees' tax returns, they face penalties and even audits.
After attending this webinar, you will be able to:
How to Reconcile to W3 and 941s
Mark Schwartz is an employment tax specialist and has over 15 years of employment tax experience as an independent consultant and as a payroll tax auditor with the State of California. He has managed an audit caseload of 20 ongoing audits, from small home-based businesses to large multi-national corporations. He is expert at defining regulatory and statutory requirements from local, State and Federal government agencies; and helping the average businessperson understand what that mean to their business. He has processed weekly and bi-weekly payroll checks plus tax forms for businesses with hourly as well as exempt workers, multistate operations and a wide variety of benefits.
Mr. Schwartz provides consulting services encompassing payroll processing and payroll tax issues. These include payroll tax minimization, payroll tax compliance reviews, independent contractor studies, use of electronic transfers, deductions, benefits, etc. Mark has represented both clients and the State in front of the State Appeals Board. He understands the complexities of local wage laws, unemployment and disability claims, and other wage and benefit issues affecting your employees.
Mark prides himself on his outstanding customer service skills. He listens attentively to his clientele, helping them bridge the gap between the small business world and Government bureaucracy. He eagerly assists with clients needs, and feels that educating clients toward faster, accurate and more complete payroll processes provides the most value.
Mark is a participating member of the American Payroll Association. He earned his BA and MBA in Finance at Santa Clara University. He has held Certified Internal Auditor and Certified Investment and Derivatives Auditor Credentials. Mark is currently pursuing a Certified Payroll Fundamentals Credential with the American Payroll Association.