ComplianceOnline

Payroll Closeout 2014 and Preparing for 2015

Instructor: Vicki M. Lambert
Product ID: 703617
  • Duration: 90 Min

recorded version

$149.00
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Training CD

$199.00
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Read Frequently Asked Questions

This webinar is a thorough recap of compliance requirements and issues for payroll’s 2014 year end closing. It will further discuss preparing the payroll department for a successful 2015 with updates on year beginning annual charges.

Course "Payroll Closeout 2014 and Preparing for 2015" has been pre-approved by HRCI as eligible for 1.5 credits towards a participant's recertification upon full completion.
“The use of this seal is not an endorsement by the HR Certification Institute of the quality of the program”.

Why Should You Attend:

This webinar will focus on best practices for payroll’s 2014 year end closing and offer insights on the preparations needed to ensure a successful 2015.

The key topics that will be discussed include:

  • Best practices for closing out 2014
  • Handling duplicate Form W-2 requests correctly
  • When to use the Form W-2c
  • When to correct the Form W-2 itself

Areas Covered in the Webinar:

  • Why you cannot use"magnetic media" in 2014 to submit to SSA but may still need to use it to submit to the state
  • Reconciliation of Form W-2 to Form 941 and why it must be done
  • Update on year beginning annual changes for social security wage base, fringe benefit limitations, federal per diem allowance, standard mileage rate, qualified transportation fringe benefits, and more
  • How to create a year end notice to update your employees for the coming year
  • Best practices on organizing the payroll department for year end including action item check lists for Form W-2, year end and year beginning to ensure a smooth process
  • How to handle duplicate requests for Form W-2 including charging fees
  • Best practices for gathering, calculating and reconciling W-2 data
  • Taxation of fringe benefits at year end including awards and prizes, moving expenses, personal use of company cars and gift certificates
  • Electronic delivery of W-2s to employees
  • When to use the Form W-2c and when to correct the W-2 itself
  • State regulatory changes affecting payroll including SUI wage bases, minimum wage increases and more
  • Review of EFW-2 record changes for tax year 2014
  • Review of filing deadlines
  • 2015 changes to Form W-2 including the Affordable Health Care Act

Who Will Benefit:

  • Payroll professionals
  • HR professionals
  • Accounting personnel
  • Business owners
  • Lawmakers
  • Supervisors
  • Attorneys
  • Any individual or entity that must deal with the complexities and technicalities of the payroll process

Instructor Profile:

Vicki M. Lambert, CPP, is president and academic director of The Payroll Advisor™ a firm specialized in the training of 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 has become the most 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 an 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:

Year end closing can be an extremely daunting and tedious time for any payroll department. Tasks must be done correctly or none of the information needed for tax time is valid. This causes delays, additional budget expenses and emotional stress, as well as decreased payroll team morale. And of course, the threat of penalties for non-compliance always looms large.

The effort, accuracy and time consumed in closing out the payroll year are directly affected by two factors:

  • A well trained payroll department that knows what to do and when
  • The quality of the preparation for the year at hand
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