The Form W-2 is one of the most important document that payroll departments must process. Gathering the data for this document begins when the first payroll is run for 2015 and ends when it is reconciled after the last processing of the year. But there is more to ensuring that this document is correct and corresponds to all IRS and Social Security Administration (SSA) regulations than just crossing your fingers and hoping all the wages processed through payroll get into the right box.
Each year the form is reissued by the IRS and 2015 is no exception. So what is new for this year and what changes are in place for upcoming years? That is one of the items that must be determined as soon as the form is released. To understand how to process the form correctly it must be understood what the IRS expects to be submitted within each of the boxes on the form. The only way to handle that is to review those requirements box by box paying special attention to known "hot spots" to watch out for such as payments made by sources other than payroll including accounts payable. Best practices have developed over the years to collect this data in the most efficient manner possible and it is imperative that each payroll department ensure that these practices are implemented. And finally to prove that the form is correct, payroll must reconcile this form to itself, the payroll and all of the forms 941 submitted in 2015; or face fines by the IRS, the SSA or both.
Despite all of this careful planning things can go wrong and a Form W-2 can be issued that is incorrect. That is when the decision must be made on how to correct this form. Do I reissue writing corrected statement on the top of the form or do I 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 begin 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?
Join Vicki M. Lambert, CPP, to learn how to complete the Form W-2 on a box by box basis including best practice for collecting the data. Details on how to verify the employee’s name and social security number will be provided to attendees. Vicki will discuss how to correct the form when an error has been made. The attendee will receive instructions on how to set up procedures for issuing duplicate Forms W-2 including a sample form for use by employees.
Topics covered in the session
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
Vicki 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