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Fundamentals of Form W2-C and Reporting Corrections

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.

Runtime: 85 minutes
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Why Lorman?

Over 32 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
    • Three Year 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 Needs 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 Do's 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 32 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 Webinar

This course was last revised on October 14, 2019.

Call 1-866-352-9540 for further credit information.

  • SHRM 1.25
     
  • 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 1.25 PDC(s) for the SHRM-CP or SHRM-SCP. For more information about certification or recertification, please visit www.shrmcertification.org.
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 32 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

Veronica B. King, CPP, PB

Pay-Pro Business and Consumer Resources

  • 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 Prince George‚Äôs 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
  • B.S. degree in business management, Hampton University; M.S. degree in professional accounting/taxation emphasis, Strayer University
  • Can be contacted at 443-220-3242
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Product ID: 406376
Published 2019
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