ComplianceOnline

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

Instructor: Vicki M. Lambert
Product ID: 703816
  • Duration: 90 Min

recorded version

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Read Frequently Asked Questions

Form W-2 is one of the most important documents that payroll departments must process. To prove that the form is correct, payroll must reconcile this form to itself, the payroll and all of the Forms 941 submitted in 2016 or face fines by the IRS, the SSA or both. This webinar will discuss the 2016 Form W-2 and the IRS’ requirements for completing, processing, submitting and correcting the form.

Why Should You Attend:

Each year the Form W-2 is reissued by the IRS and 2016 is no exception.

  • So what is new for this year and what changes are in place for upcoming years?
  • Do I reissue writing corrected statement on the top of the form or do I need to complete a Form W-2c?
  • 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 order to understand how to process Form W-2 correctly, it is also important to understand what the IRS expects to be submitted within each of the boxes on the form. This webinar will 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.

This course will highlight best practices, developed over the years to collect this data in the most efficient manner possible, which each payroll department must implement. Despite careful planning, things can go wrong and when an incorrect Form W-2 is issued, the decision on how to correct the form poses various other questions too. This course will present strategies for the same.

Learning Objectives:

For the attendee to learn and understand the 2016 requirements for the Form W-2 including:

  • What changes, if any, are in store for the new year
  • Box by box instructions for completing the form correctly
  • Best practices for gathering information to complete the form including items paid through sources other than payroll
  • How to reconcile the form to itself, your payroll, and the Forms 941 as required by IRS regulations
  • What to do when an error is discovered on the Form W-2
  • When to use the Form W-2c
  • Filing the form with the Social Security Administration, with the employees and with the states
  • Handling requests for duplicate copies of the form from employees
  • What are the penalties for submitting incorrect or incomplete forms

Areas Covered in the Webinar:

  • Changes to the Form W-2 for 2016
  • Line by line completion of the Form W-2 with examples
  • Latest information on reporting employer provided healthcare coverage
  • Why you cannot use magnetic media for submitting to SSA but may have to use to submit to the state
  • 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
  • New in 2016: when SSA will return forms that are not reconciled

Who Will Benefit:

  • Payroll professionals
  • Human resources
  • Accounting personnel
  • Business owners
  • Lawmakers
  • Attorneys, or any individual or entity that must deal with the complexities and technicalities of overtime calculation within the payroll process

Instructor Profile:

Vicki M. Lambert, CPP, is president and academic director of The Payroll Advisor™ a firm specializing in training payroll professionals. With over 35 years 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 respected voice in the practice and management of payroll issues. She has conducted open market training seminars on payroll issues across the United States that have been attended by executives and professionals from some of the most prestigious firms in business today.

Ms. Lambert has lectured extensively on payroll administration and compliance issues for clients that have included Automatic Data Processing, CCH Incorporated, Ceridian Employer Services, and The Employer Group. Ms. Lambert has also served as a consultant and in-house trainer for businesses such as Sun Microsystems, Paychex, Fox Studios, Disney, County of Riverside, and City of Hesperia.

Ms. Lambert is an adjunct faculty member at Brandman University in Southern California. She is the creator of and the instructor for the Practical Payroll Online program offered through the School of Extended Education. Ms. Lambert currently produces and presents audio seminars and webcasts for clients and business groups throughout the country.

Topic Background:

Gathering the data for Form W-2 begins when the first payroll is run for 2016 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 got into the right box. You even run the risk of having the Form W-2 rejected by the SSA.

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.

Accreditations:

Course "Form W-2 for 2016: All You Need to Know" has been pre-approved by SHRM as eligible for “1.5” credits and HRCI as eligible for “1.5” credits towards a participant's recertification upon full completion.
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