Take away valuable information to ensure you are handling this complex subject correctly in your own payroll shops.
This topic is designed for persons who are responsible for withholding, submitting, reporting, and processing employee tax and informational returns and find themselves unable to handle the issues that arise when adjustments or corrections are necessary. This information will answer those tough questions of how-to, when-to, and why.
Learning Objectives
- You will be able to identify the purpose of Form W-2c.
- You will be able to differentiate Form W-2c, Form 941-x and Form 940.
- You will be able to recognize best practices when making corrections.
- You will be able to recognize the impact of related forms.
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Why Lorman?
Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Purpose of Form W2-C
- Recap of When It Is Appropriate to Issue a Form W2-C
- Reasons to Issue a Form W2C and When We Would Not Issue a Form W2C
- Recap of Time Limits of Issuing a Form W2-C
- ThreeYear Limit of Issuing a W2C and the Significance of This Time Frame
Crosswalk of Corrections
- Relationship of Forms W2-C, 941-X, and Form 940
- How the Three Forms Relate to One Another and Why All Three Forms Need to Be Adjusted If an Adjustment Is Made to One
- Brief Overview of How to Complete a Form W2-C, 941-X, and Amended Form 940
- How to Complete the Correction Forms and the Common Mistakes Made as Well as Dos and Don'ts
Impact of Related Forms (Form 941, Form 940, and Other Reporting)
- Liability Adjustments
- Penalties and Interest of Understated Deposits
- Refunds of Overstated Deposits
- The Impact of the Types of Corrections Made and How the Overstated/Understated Deposits May Result in a Penalty or Refund
- How to Handle the Penalties and Requests for Refunds/Abatements
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Why Lorman?
Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on February 6, 2023.
Call 1-866-352-9540 for further credit information.
- AIPB 1.0
- This program is acceptable for 1.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
- CPP/FPC
- Lorman Education Services is an approved provider through PayrollOrg. This seminar is approved for 1.0 RCHs.
PLEASE NOTE: To receive credit through PayrollOrg for this program you MUST attend the program in its entirety, complete all progress checks and pass the final exam. You cannot obtain credit if you have already completed this course in its live version.
HR Certification Institute 1.0
- This E-Learning program has been pre-approved for 1.0 (General) recertification credit hours toward aPHR®, aPHRi(TM), PHR®, PHRca®, SPHR®, GPHR®, PHRi(TM), and SPHRi(TM) recertification through HR Certification Institute® (HRCI®). For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org.
SHRM 1.0
- Lorman Education Services is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for 1.0 PDC(s) for the SHRM-CP or SHRM-SCP.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
- Those applying for AIA and HRCI must view 100% of the program and answer the questions following the program.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Veronica B. King, CPP, PB
Pay-Pro Business and Consumer Resources
Veronica B. King, CPP, PB, CFEI, Notary
- Owner of Pay-Pro Business and Consumer Resources, offering payroll consulting and services
- Executive Director of Payroll and Tax Services at the Virginia Commonwealth University
- Adjunct professor at Virginia Commonwealth University (Student Success courses); adjunct professor at Prince George’s Community College, offering the Pay Train Level 1 and Level 2 certification courses for the APA
- Has been in the payroll profession since 1998
- Worked with some of the top-known companies as an employee, consultant, or trainer, such as Trader Publishing Company, The Johns Hopkins Health System, and the Department of the Defense
- Obtained the American Payroll Association Certified Payroll Professional designation via self-study in 2004
- M.S. degree in professional accounting/taxation emphasis, Strayer University; B.S. degree in business management, Hampton University
- Can be contacted at 443-220-3242
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More Program Information
Why Lorman?
Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
All of your training, right here at Lorman.
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