The perfect storm of tax reform, data breaches, and a leap year mean that 2020 will have some unique challenges for payroll departments everywhere.
The IRS has released a redesigned Form W-4, Employee’s Withholding Certificate for 2020. The redesigned Form W-4 is meant to make it easier for employees to understand and complete so their withholding taxes are more accurate, and they don’t end up owing taxes. Now is the time for employers to learn about the new form and update their systems for next year so that withholding is correctly performed.
At the same time, staying on top of data security and identity protection has never been more important. Familiarize yourself with the ways data can be compromised, because reducing opportunities for this to happen has become a critical part of the payroll process.
And just to make it fun, every four years we get an extra day in February – learn if leap year impacts your organization, and if so, how to plan and execute it with minimal disruption and maximum satisfaction to everyone – employers and employees alike.
Get 2020 started on the right foot. Know what to look out for in the coming year as you prepare your payroll systems for the year ahead, and get useful tips on how to stay on top of the coming changes. Attend our in-depth webinar on November 8 with payroll tax expert Elizabeth Bystrom, CPA, and get ahead of the coming changes or and updates.
You'll learn how to:
- Make needed changes to your payroll system to comply with new tax regulations and withholding tables
- Anticipate questions employees are likely to ask about the redesigned Form W-4, and what resources are available to answer those questions accurately
- Prepare for tax updates that will take effect January 1, 2020
- Inform employees of the changes to the 2020 Form W-4, and what they need to know
- Use resources on how to compute withholding
- Navigate the IRS’ online withholding tax estimator tool
- Appreciate the ever-growing need for data security, the impact of identity theft, and the role employers play in protecting employee data
- Determine if your organization will be impacted by the 2020 Leap Year, and what to do to address this unique situation
- Act on new 2020 cost of living adjustments for 401ks, retirement plans, etc., which are expected out anytime now
- And much more!
YOUR EXPERT INSTRUCTOR
Elizabeth Bystrom, CPA
Elizabeth Bystrom, CPA, possesses the unique talent of explaining the Internal Revenue Code to people in such a way that they actually understand what she is saying. During the course of her 20-year career in public accounting, Bystrom has built a successful small practice that focuses on the ever-growing complexities that affect small business owners and individual taxpayers alike.
Her natural approachability, combined with her open and honest style, has resulted in a collaborative process that provides her clients with the opportunity to be tax-aware, and make decisions based upon a solid foundation of good information and good advice.
Her experiences as a spokesperson for the MN State Society of CPA’s, as well as her side hustle as a snowboard instructor, add a richness to her unique brand. Today, her practice offers traditional tax services, while also offering growth services such as tax planning, business coaching, and custom training.
This program has been submitted for pre-approval for 1.5 hours of general recertification credit toward PHR and SPHR recertification. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org
Business & Legal Resources (BLR) is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CP or SHRM-SCP. This program is valid for 1.5 PDCs for the SHRM-CP or SHRM-SCP. For more information about certification or recertification, please visit the SHRM Certification website at www.shrm.org/certification.