Year-End Payroll and Business Tax Update
Jason Dinesen is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. His practice focuses on tax and accounting services for small businesses and individuals. Dinesen has extensive experience working with a third-party administrator of retirement plans and is a prior presenter of multiple 1099 seminars. Dinesen majored in corporate communications with a minor in management from Simpson College. He started his practice in 2009.
This webinar will cover changes for 2019 and 2020 relating to payroll and business taxes. Much of our time will be spent on the new Form W-4 for withholding from employee paychecks. The new W-4 for 2020 is completely redesigned and is much different from the old W-4. We will also cover other payroll topics, such as handling employee moving expenses, accountable plans, and per diem rates. Form 1099-MISC is changing as well — 2019 will be the last year you will report contract labor on the 1099-MISC. Starting with the 2020 tax year, you will use the new Form 1099-NEC instead. We will also cover a basic overview of business tax changes for 2019, including the new partnership audit rules, basis tracking, and the qualified business income deduction.
- What’s new with payroll
- Form W-2 changes for 2019
- New Form W-4
- How withholding works with the new W-4
- Does everyone need to fill out a new W-4?
- Changes with the 1099-MISC
- New Form 1099-NEC coming for the tax year 2020
- Business tax changes
- Partnership audit rules
- Partnership basis tracking
- The qualified business income deduction
Course Level - Basic
Who Should Attend
- Payroll Professionals
- Office Managers
- HR Professionals
- Business Owners
Why Should Attend
Major payroll changes take effect January 1st of 2020. The IRS has redesigned the Form W-4 that employees fill out to determine how much withholding should be taken from their paychecks. We will discuss how these changes affect the withholding calculations, who needs to fill out a new W-4, and what to do with employees who have existing, “old” W-4s filled out. The Form 1099 world is also changing, as the 2019 forms you file will be the last time you put contract labor on a 1099-MISC. Starting with the 2020 tax year, you will put contract labor on a Form 1099-NEC instead. We will also cover a basic overview of business tax changes for 2019, such as the new partnership audit rules, basis tracking, and the qualified business income deduction.