Adding Staff, Multiplying Headaches – Tax Issues for a Small Business with a Few Employees
You have one year from airing date to use this course as credit.
Continuing Education
CPE Program Knowledge Level: Overview
2 CPE Credit; NO prerequisites or advance preparation
CTEC Course #: 3022-CE-0161
IRS/RPO Approved Program
#7ZBUJ-T-00112-23-O (Online/Group) Live (Group-Internet Based)
#7ZBUJ-T-00112-23-S (QAS Self Study) Archive
Federal Tax Law (2 Hours)
Program Content
This online learning program, presented as a live webcast, will be also archived for QAS Self Study. The program will be available for viewing for 12 months after the live webcast. A panel of IRS and industry experts will present the content during a live, interactive discussion, where participant questions can be submitted. Questions will be answered live on the program or posted on the Resources page.
The program, through a lively round-table discussion and real time interaction with the audience, looks at how a small business' taxes and tax filings are affected once the business begins to add employees. The program will focus on the various new filings that arise and the withholding and reporting requirements. Panelists will examine who is considered an employee and whether or not family members are subject to the same rules as unrelated employees. The panel also will explore the changes that must occur to various fringe benefit and retirement plans.
By the end of the program, participants will have a practical understanding, through accurate, current, and effectively designed communications, of the changes a small business undergoes once it begins the process of adding employees.
Program Learning Objectives
- Identify the form used to report federal tax liability (based on the dates payments were made or wages were paid).
- Identify the form commonly used to provide necessary information to a person or company that will be making payments to another person or company.
- Identify the section plan that is an employer-sponsored health plan that allows organizations to provide tax-free reimbursement of employees' medical and health insurance expenses.
- Identify the section that allows a deduction for uncompensated expenses for medical care of an individual, their spouse or a dependent to the extent the expenses exceed 7.5 percent of adjusted gross income.
Program Outline
- Once the Business Has Employees
- When You Need an EIN
- Employees vs. Independent Contractors
- Family Members
- Withholding from Employees
- Employment Tax Payments
- Information Reporting
- Using IRS e-file for Employment Taxes
- Employment Tax Penalties
- Employing Family Members
- Minor Children
- Spouse
- Reasonable Compensation
- Payroll Tax Exemption
- Fringe Benefits
- Tax-Free or Taxable
- Health Care Insurance
- Health Reimbursement Arrangements
- Expense Reimbursement and Per Diem
- Tuition Reimbursement
- Employee Gifts versus Awards
- FLEX accounts
- Employer-Sponsored Retirement Savings
- Nondiscrimination and Participation Requirements
- Simplified Employee Pension (SEP)
- Section 401(k) Plans
- 403(b)
Panelists
Moderator
Alan Pinck, EA
A. Pinck & Associates
Alan Pinck is an Enrolled Agent with over 30 years of tax preparation experience in the San Francisco Bay Area. He has built a practice specializing in individual, small business tax preparation and audit representation. You have seen Alan presenting at NTPI events, CSEA Super Seminar, Spidell Publishing as well as a variety of other presentations for tax groups and small business associations. Having represented thousands of tax returns in audit, Alan has obtained tremendous insight of the audit process as well as knowledge on a wide variety of tax issues.
IRS Panelists
Donald Kieffer
Tax Law Specialist, Office of Employee Plans (EP)
Donald Kieffer is a tax law specialist in the IRS Employee Plans Technical Guidance function. A 1991 graduate of the Seton Hall University School of Law, he is admitted to the State bars of New Jersey and Pennsylvania. He is a member of the Taxation Section of the American Bar Association.
Cheryl Borella
Revenue Agent
Cheryl joined the IRS in 2008 and spent eight years in the Small Business/Self-Employed division examining various types and size of income tax returns as a field agent. She moved to the Tax-Exempt/Government Entity division in 2016 where she became an expert in employment tax and completed the Front-Line Leadership Readiness Program. Cheryl spent a year managing the Midwest group of employment tax examiners in the Federal, State and Local Employment Tax Division and recently joined the employment tax knowledge management network where she assists field agents with employment tax related issues. She has taught multiple employment tax related courses and served as lead instructor for newly hired employment tax agents. Before joining the IRS, she was an auditor at Grant Thornton, LLP and earned her CPA license in California.
Industry Panelists
Laura Strombom, EA, MBA, NTPI Fellow, USTCP
Laura is passionate about educating tax professionals to be "better than the box." To this end, Laura teaches from a client centric perspective. Laura has previously taught college courses in taxes and accounting, and enjoys all opportunities she gets to teach. She is involved in the Big Valley Chapter of CSEA, NAEA and NATP. Her practice has two offices: Stockton and Valley Springs, CA. She offers preparation and representation services to all manner of taxpayers. Niche markets include clergy, daycare, trucking, construction and medical professionals.
Laura began her business in 1995, offering bookkeeping, payroll, and accounting software. After passing the basic tax course and earning the California Registered Tax Preparer credential, she offered tax preparation as well. In 1998 she entered graduate school at Golden Gate University to enhance her BS Degree in Animal Science from UC Davis with an Executive MBA. In 2000 she sat for and passed the written 4 part SEE Exam and became an Enrolled Agent. In 2010 she finished the 3-part NTPI Fellowship program. Finally, in 2021 she sat for and passed the United States Tax Court Practitioner Exam.
Thomas L. Fitzpatrick IV, MBA, EA, CPA
Thomas is an Enrolled Agent and a Certified Public Accountant licensed in Massachusetts. His current office located in Billerica, MA provides personalized accounting, tax, bookkeeping, and other accounting services to many individuals and small businesses in the Merrimack Valley region and beyond.
Thomas is a graduate of the University of Massachusetts Dartmouth with a bachelor's degree in Marketing and completed his MBA at Bowling Green State University. He currently serves on the Board of Directors of the Massachusetts Society of Enrolled Agents and Massachusetts Association of Accountants and is also a member of the National Association of Enrolled Agents, and Massachusetts Society of CPAs. Thomas also serves on the board of directors for several local non-profit organizations and is passionate about volunteering in his community. Prior to joining the accounting and tax field, Thomas worked in data analytics for a major building products manufacturer.
Content Consultant
David F. Windish, J.D., LL.M
Content Consultant
David F. Windish, J.D., LL.M. in taxation, is a tax attorney and consultant. He has served as an instructor of tax-advantaged investments at the New York Institute of Finance; an Instructor of business law at the U.S. Merchant Marine Academy, Kings Point, N.Y.; and an adjunct professor at George Mason University, Fairfax, Va. He has also served as executive editor for Tax Analysts; managing editor for Business Strategies, published by CCH; and senior editor for the Institute for Business Planning.
Mr. Windish is the author of Practical Guide to Real Estate Taxation, published by CCH and currently going into its sixth edition. Earlier works include Tax Advantaged Investments and Investor's Guide to Limited Partnerships, both published by the New York Institute of Finance. Through the Center for Video Education, he authored continuing education courses dealing with real estate and closely held corporations. Those courses included readings, case studies, and videotape segments.
Mr. Windish is a graduate of Rutgers University Law School and the New York University School of Law, Graduate Division. He has been heard as a guest speaker at professional meetings and seminars and on popular radio programs.