IRS Alternative Withholding Methods - Avoiding Underestimated Tax Penalties
Tuesday, 11 December 2018 10:00 AM PST, 01:00 PM EST
Training Duration = 120 min Sponsored by Online Compliance Panel
This course will provide knowledge of alternative methods to compute withholding under special circumstances. In some cases, these methods can be used in place of employee's making multiple changes to Form W-4 to avoid over-withholding on supplemental or irregular wage payments, such as commissions or bonuses.
The danger for employers and payroll professionals is that failure to withhold the correct amounts per employee W-4 parameters may result in penalties and possible personal liability for the amounts the employer failed to withhold imposed on individuals deemed responsible for correctly collecting and paying employee taxes.
In this webinar you will learn
Why Should You Attend:
The IRS has developed several alternatives to the traditional withholding methods. These methods are designed to provide a withholding amount that is closer to the "correct" amount of withholding required to meet the employee's tax obligation.
The methods can be useful when employee compensation varies from pay period to pay period or in special situations such as part-year employment. Employers may even design their own methods so long as the results fall within certain parameters.
Topics covered include:
Patrick A. Haggerty is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent tax payers at all administrative levels of the IRS and is a Certified Management Accountant.
He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars and presentations on a variety of topics including payroll tax issues, FLSA compliance, and information return reporting.