CPE Credits Available: SHRM | HRCI | IRS | CTEC
During this session, we will dive into the complex world of local income tax withholding requirements. Whether you are a payroll, HR or finance professional, understanding the ins and outs of local tax compliance is critical to avoiding penalties and staying on the right side of the law.
During this session, you will learn about the various types of local taxes, including city, county, and school district taxes, and how to properly calculate and withhold them from employee paychecks. We will also cover best practices for managing, mapping, and applying local taxes, including how to navigate tricky situations like multi-state taxation and local tax reciprocity agreements.
Whether you are a seasoned payroll professional or just starting out, this session is sure to provide valuable insights and practical tips for mastering local income tax withholding requirements.
Learning objectives include:
-Explain the various types of local income taxes, including city, county, and school district taxes, and how they differ from state and federal income taxes.
-Identify best practices for managing, mapping, and applying local income taxes, including how to stay up-to-date with changing tax laws and regulations.
-Discuss the challenges of multi-state taxation and local tax reciprocity agreements, and how to ensure compliance in these situations.
-Review software set-up and reporting options for local income tax withholding, including how to generate accurate reports and ensure proper tax remittance to local tax authorities.
-Understand the penalties and consequences of noncompliance with local income tax withholding requirements, and how to mitigate risk for yourself or your organization.
-By the end of this session, participants will be able to apply this knowledge to effectively manage local income tax withholding requirements, reduce the risk of noncompliance, and streamline the payroll process for their organization.
