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Form W-2 for 2016: All You Need to Know (HRM562P)

Presented by: Vicki M. Lambert, CPP
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Pre Recorded Webinar
100 minutes
Event Description
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2.0 Credits
2.0 PDC - AudioSolutionz is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM
2.0 CPE

Review the "Hot Spots” in the New 2016 IRS Form W-2 and Get a Box-by-Box Approach to Ensure Compliance

One of the most important documents processed by the payroll department is the Form W-2. The first payroll run for 2016 starts the gathering of data for this document which lasts till it is reconciled after the final processing of the year. However, there is much more to safeguarding that the Form W-2 is accurate and communicates to every IRS and Social Security Administration (SSA) regulations than just believing in your luck and hoping all the wages process through payroll got into the right box.

The form is reissued every year by the IRS, you can expect the same in 2016. What is new in it this year and what changes has been planned for the upcoming years? This is one of the items that should be sorted out as soon as it is released. In order to get a better understanding on how to process the form properly, it must be understood what is expected from the IRS to be filled within every boxes on the form.

The only way to manage it is to review all the requirements box by box giving careful attention to known "hot spots" to look out for such as payments made by sources other than payroll including accounts payable. Many good practices has been developed over the years to gather this data in the most organized manner and it is essential that every payroll department makes sure that those practices are implemented. In the end, the payroll must reconcile the form to itself, the payroll and all the Forms 941 submitted in 2016, in order to prove that the form is correct or face fines by the SSA, the IRS or both. You even run the risk of rejection of the Form W-2 by the SSA.

However, even after thoughtful planning things can go wrong and an incorrect Form W-2 can be issued. Now you need to take a decision on how to correct it. Do you reissue writing corrected statement on the top of the form or do you need to complete a Form W-2c?  Submitting the form has changed over the years.  Starting out and continuing as a paper form has been the norm. However in recent years technology has permitted payroll departments to start submitting this form to employees electronically. But if and only if certain conditions are met including a full disclosure statement that must be signed by the employee.  And finally there is the evitable request for duplicate copies of the form. What is the best practice for handling these requests? Must the form be a paper version of the form or can it be electronic and can I charge a fee for such a request?

In this session by our expert speaker Vicki M. Lambert, CPP, you will learn how to fill the Form W-2 on a box-by-box basis including the best practices for gathering data. You will be provided with the details on the ways to verify the employee’s name and social security number. There will be a discussion on how an error made on the form can be corrected. You will receive guidance on the ways to set up procedures for issuing duplicate Forms W-2 including a sample form for use by employees.

Session Highlights:

  • Form W-2 changes
  • Completion of the Form W-2 line by line with examples
  • Recent information on reporting employer provided healthcare coverage
  • Why submission due dates are being moved up to avoid fraud
  • Reconciliation of Form W-2 to Form 941-best practices on when and why it must be done
  • How to handle duplicate requests for Form W-2 including a sample form and charging fees
  • Best practices for gathering, calculating and reconciling W-2 data
  • Electronic delivery of W-2s to employees—what is required to set up the program
  • When to use the Form W-2c and when to correct the W-2 itself
  • Using SSA’s BSO to file Forms W-2c electronically
  • Penalties for incorrect information have double and how that makes it imperative to verify employee names and social security number with the SSA data base

Who should attend?

  • Payroll professionals, Human resources and accounting personnel, business owners, lawmakers, attorneys, or any individual or entity that must deal with the complexities and technicalities of the payroll process when it comes to processing and issuing Forms W-2
About Our Speaker(s)

Vicki M. Lambert | Payroll Training SpeakerVicki M. Lambert CPP
Vicki M. Lambert, CPP is President and Academic Director of The Payroll Advisor™ a firm specializing in the training of payroll professionals. With over three decades of hands-on experience in all facets of payroll functions as well as over 20 years as a trainer and author, Ms. Lambert is a sought-after and respecte... More info

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    Event Title: Form W-2 for 2016: All You Need to Know
    Presenter(s): Vicki M. Lambert, CPP

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