The December 2017 federal law initially called the Tax Cuts and Jobs Act, and now identified as Public Law 115-97, includes changes which impact Payables. Join us for an informative discussion of what to implement immediately and what to watch for throughout the year as a result of this new federal tax legislation.
With federal tax provisions affecting:
- Backup withholding: a new federal withholding rate is in effect. We’ll cover the implementation of the rate change, changes required in your handling of IRS “B Notices”, and a timely review of when you must withhold this federal tax from payments to vendors and others.
- Repayments: new impact when you receive repayments from certain independent contractors (or employees who repay part of expense reimbursement) for amounts you overpaid in a previous year.
- Settlements: new federal tax information reporting required to be filed by government entities when a settlement or court-ordered award of $600 or more is paid, including settlement amounts, amounts for restitution or remediation, and fines and penalties.
- Employee achievement awards: restrictions that previously were rules or instructions are now embedded in the federal tax law.
- Moving expense reimbursements: no longer a tax-exempt benefit. If you make these payments for an employee or reimburse an employee for moving expenses, learn the details and how to coordinate with Payroll.
- Employee transportation benefits: changes are in effect, and a need to coordinate with Payroll if a benefit must be reported as compensation.
- Employees who don’t submit for business expense reimbursement: new restrictions affect these employees; learn the new rules so you’re prepared for questions.
- Entertainment and recreation expenses: new rules affect your organization.
Learning objectives for this program:
- Identify new federal tax provisions that affect Accounts Payable
Marianne Couch, JD - Principal, Cokala Tax Information Reporting Solutions, LLC
Marianne Couch, JD, a Principal in the Cokala tax group since its founding early in 2007, is an experienced and well-known advisor on U.S. federal and state tax information reporting compliance. She is a frequent lecturer at major tax conferences and the author of The Master Guide to Form 1099 Compliance and numerous published articles. She is a founding partner of Cokala. Previously, she was for many years the Research Director of the tax reporting specialty firm Balance Consulting, and chaired special training and advisory services provided to large organizations and academic and nonprofit institutions. She also formerly served as the executive director of the National Association of Form 1099 Filers, Inc.
Marianne was an appointee for three years to the IRS Information Reporting Program Advisory Committee (IRPAC), where she was Chair of the IRPAC Subcommittee on Small Business and Self-Employed (SBSE) tax issues.
Marianne formerly served as a Research Attorney for the Michigan Court of Appeals, and earlier as a litigator for a large Michigan law firm, where she represented individuals and large clients in many types of civil actions. She received her JD, cum laude, from the Michigan State University School of Law, and is a member of the State Bar of Michigan.
Continuing education credits available!
Receive 2 CEUs toward AP & P2P/IOFM APM, APS, or APD recertification! The Accounts Payable Certification Program is designed to establish standards for the profession and recognize accounts payable professionals who, by possessing related work experience and passing a comprehensive exam, have met stringent requirements for mastering the accounts payable body of knowledge.
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