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When the Tax Cuts and Jobs Act (TCJA) was signed into law in December 2017, sweeping changes to Form W-4 became a matter of "when," not "if." Those changes-arguably the biggest since the form debuted in 1943-are finally materializing for the 2020 tax year, after a one-year implementation delay prompted by feedback from payroll and tax communities. Let's provide some context for the current W-4 situation before we highlight the latest updates.
TCJA suspends all personal and dependency exemptions for employees as well as their spouses and dependents through tax year 2025. Plus, it greatly alters how itemized deductions are claimed on Schedule A.
Together, these two shifts and a few others have complicated the withholding situation for many taxpayers. The Government Accounting Office even issued a 2018 warning that unless they adjusted their withholding, more than 30 million additional filers would owe taxes in 2019.
The Tax Cuts and Jobs Act brought about many changes for the 2019 tax return filing season. There are so many changes that there was concern about possible delays to the start of the filing season as the Internal Revenue Service works to update software, forms, instructions, and publications with restricted resources. Let’s learn how Employers can mitigate these changes.
Why you should Attend
Employers should be aware of all the workplace regulations that are in place to ensure compliance. Employers must get prepared for all the employment regulations scheduled to be effective January 1, 2019, 2020 and beyond. Federal regulations have increased more this year than previous years.
Both Federal and State regulations have at times been at odds with each other. The Department of Labor (DOL), IRS, State Regulations have increased their efforts to audit companies who have not updated their policies & workplace regulations.
The other regulatory agencies are also increasing efforts to target Employers who are not compliant with their regulations. Not only are the many new workplace laws that will impact Employers, but also those laws that were effective in 2018-2020 & Beyond but Employers were not aware.
Areas Covered in the Session
- How does the Tax Cuts and Jobs Act of 2017 impact the new workplace tax forms
- What are the changes to the W-4 form and why all the confusion?
- What expenses have now been removed
- How are Employees reacting to the changes?
- Why the TCJA made the IRS regulations?
- What are the changes to the W4 form and when should it be used
- How the Payroll Associations responded to the new changes
- What Should Employers Understand and be compliant for tax purposes What is the impact to employees and why should they make changes to their W4 form and 1040 taxes?
- When should changes to the W4 be made to accommodate the best plan for employees?
- How to communicate changes to new employees and current employees
- How many payroll forms are there?
- What are the 1099 and W-9 Form drafts
- What brackets have changed
- The types of questions and answers to many of the inquiries by employees to complete the W4
- What are the requirements for Overtime Regulations
- Off the Clock Work External Audits by Department of Labor (DOL)
- Employee Classification
- Time Reporting Best Practices
Who Will Benefit
- All Employers
- Business Owners
- Company Leadership
- Small business owners
- Compliance professionals
- Payroll Administrators
- HR Professionals
- Compliance Professionals
- Employers in all industries
Margie Faulk, a senior level human resources and compliance professional with over 14 years of HR management and compliance experience. A current Compliance Officer/Advisor for HR Compliance Solutions, LLC. Margie has worked as an HR and Compliance advisor for major corporations and small businesses in the small, large, private, public and Non-profit sectors.
This includes Federal Contracting in the defense, military, anti-Terrorism and Apache Helicopter Training Simulations with Federal Acquisition Regulations (FAR), Federal Sentencing Guidelines (FSG) and Office of Federal Contract Compliance Program (OFCCP). Margie is bilingual (Spanish) fluent and Bi-cultural.
Margie's focus has expanded to Global Workplace Compliance in International, multi-state, multi-National, state and local workplace compliance which includes workplace compliance in other countries like the UK, Canada, France, Brazil, China, Africa, Mexico and India, just to name a few. Margie has created and presented seminars/webinars for many compliance institutes. These national training providers, offer compliance training to HR professionals, business owners and companies interested in having their company compliant with workplace and industry regulations.
Margie holds professional human resources certification (PHR) from the HR Certification Institution (HRCI) and SHRM-CP certification from Society for Human Resources Management. Margie is a member of the Society of Corporate Compliance & Ethics (SCCE).