Self-Study: Surgent's Guide to Payroll Taxes and 1099 Issues

Overview

This course is available until April 30, 2025.

Employment taxes are often overlooked as an area where more planning may be effective. Payroll taxes have become an increasing burden for the average business and IRS penalties for noncompliance have risen dramatically in recent years. As a result, they have also been subject to employer incentives. The Service has announced that uncovering noncompliance by employers ranks high on its audit list. This course presents an overview of employee versus independent contractor criteria, the federal payroll taxes form, Form 1099, and related compliance issues.

Highlights

• Statutory employees, independent contractors, and possible changes to §530 relief
• Using SS-8
• Payroll Tax Penalties -- Who is a responsible person?
• Forms W-2, 1099, 1099-NEC, SS-8, W-4, 941, and Form 940 reporting/deposit requirements and due dates
• Understanding payroll tax responsibilities in the gig economy

Prerequisites

None

Designed For

CPAs in public accounting and industry with responsibility for payroll tax compliance

Objectives

• Distinguish an employee from an independent contractor and understand the relief available to employers who misclassify employees
• Understand the withholding requirements for FICA and federal income taxes for Forms W-2 and 1099, including back-up withholding
• Examine employer requirements regarding Form W-4
• Understand the gig economy and the payroll tax responsibilities associated with it