Form W-2 for 2023: All You Need to Know

1. Introduction
2. Our Focus For Today 00:01:25
3. Section 1: Basics of the Form W-2 00:04:15
4. Physical Changes to Form W-2 for 2023 00:05:32
5. Copies to distribute Form W 2 for 2023 00:05:41
6. Filing Limits Are Changing This Year - Taxpayer First Act Update - Electronic Filing Threshold 00:06:08
7. Filing Limits Are Changing This Year - Taxpayer First Act Update - 2023 Form W-2 instructions 00:09:16
8. EFW-2 Record Changes for 2023 00:011:32
9. Box by Box Review 00:13:10
10. Boxes A-C 00:13:47
11. Box D Control Number 00:19:27
12. Boxes E and F Employee’s Name And Address 00:20:28
13. Boxes E and F Continued 00:21:55
14. Know the Employee’s Name 00:25:02
15. Employee’s Name in General 00:29:20
16. Use the Correct Name Format 00:31:08
17. Electronic Forms 00:31:30
18. Boxes E and F Continued 00:31:56
19. Boxes E and F Continued 00:32:41
20. Social Security Number Verification Service (SSNVS) 00:34:53
21. With SSNVS You May… 00:37:23
22. SSNVS Continued… 00:38:22
23. Mismatch Codes 00:39:04
24. Results Received 00:41:31
25. Results Received Cont’d 00:41:41
26. Sample Letter Employers Can Give To Employees 00:41:56
27. Back to Our Box By Box Review 00:43:47
28. Box 1 - Wages, Tips, Other Compensation 00:44:13
29. Box 2 - Federal Income Tax Withheld 00:44:45
30. Box 3 -  Social Security Wages 00:45:31
31. Box 4 - Social Security Tax Withheld 00:46:33
32. Box 5 - Medicare Wages And Tips 00:48:31
33. Box 6 - Medicare Tax Withheld 00:48:47
34. Box 7 - Social Security Tips 00:49:45
35. Box 8 - Allocated Tips 00:50:14
36. Best Practices for Gathering, Collecting, And Reconciling Data 00:51:19
37. Box 9 - Blank 00:55:32
38. Box 10 - Dependent Care Benefits 00:55:41
39. Box 10 Continued… 00:56:21
40. Box 11 00:58:06
41. Box 11 Continued 00:58:46
42. Nonqualified Deferred Compensation Reporting Example Chart 01:00:013
43. Nonqualified Deferred Compensation Reporting Example Chart Cont’d 01:00:16
44. Box 12 - Codes 01:00:21
45. Form W-2 Reference Guide For Box 12 Codes 01:01:33
46. Code DD 01:02:18
47. Reporting Employer-Provided Health Care Coverage 01:02:39
48. Reporting Employer-Provided Health Care Coverage - Reporting and  Requirements 01:02:59
49. Reporting Employer-Provided Health Care Coverage - Transitional Relief 01:03:45
50. Reporting Employer-Provided Health Care Coverage 01:07:05
51. Form W-2 Reporting Of Employer-Sponsored Health Coverage Chart 01:07:34
52. Form W-2 Reporting Of Employer-Sponsored Health Coverage Chart Cont’d 01:07:38
53. Box 13 - Checkboxes 01:07:50
54. Reconciliation Box 13 01:08:04
55. Retirement Plans 01:08:20
56. Form W-2 Box 13 Retirement Plan Checkbox Decision Chart 01:09:58
57. Statutory Employee 01:10:05
58. Third-Party Sick Pay 01:11:55
59. Box 14 - Other 01:13:06
60. Boxes 15-20 01:13:51
61. State Disability Examples Boxes 15-20 01:17:14
62. Their Reconciliation Process of Your Forms 01:20:34
63. Reconciliation Process 01:20:47
64. Items Reconciled 01:21:42
65. SSA Reconciliation Points 01:22:29
66. Rejected Wage Reports Form The Social Security Administration 01:23:57
67. SSA Reconciliation Points 01:26:45
68. Reconciliation of Form 941 to Form W-2 01:26:57
69. Reconcile Form W-2 to Itself 01:27:12
70. Reconciliation 01:27:46
71. Review of Filing Deadlines for 2023 Forms W-2 01:28:10
72. Other Items of Note 01:29:18
73. Filing Requirements 01:29:57
74. BSO Sign Up 01:30:36
75. Form W-2 Due Dates 01:32:56
76. Form W-2 Electronic Filing Requirements 01:32:59
77. Reconciliation Form 01:33:34
78. Form W-2 Reconciliation Form 01:33:46
79. Correcting the Form W-2 01:33:59
80. When to Use Form W-2c 01:34:51
81. Form W-2c Example 01:35:15
82. Form W-2c Draft Example 01:36:02
83. Electronic Forms W-2 to Employees 01:36:19
84. Disclosure Requirements 01:36:35
85. Disclosure Example from Yale 01:36:42
86. Disclosure Example from Yale Cont’d 01:36:57
87. Duplicate Form W-2 01:37:01
88. Penalties In Effect 01:38:24
89. Penalties In Effect 2023 01:38:39
90. De Minimis Errors 01:39:00
91. De Minimis Errors Cont’d 01:39:19
92. Record Retention 01:39:52
93. Links and Websites 0140:20:
94. Final Questions 01:40:23
95. Speaker Closing 01:40:36
96. Presentation Closing 01:43:22

• Affordable Care Act (ACA) 01:02:33
• Audit 00:50:07
• Business Services Online (BSO) 00:34:53, 00:42:00, 01:30:36, 01:35:59
• De Minimis 01:39:00
• EIN 00:16:38, 00:18:50
• Fair Market Value (FMV) 00:57:02
• Federal Insurance Contributions Act (FICA) 00:48:47
• Form 94100:16:46, 01:20:59, 01:22:45, 01:35:09
• Form W-2 00:01:43, 00:09:21, 00:11:12, 01:07:13, 01:21:17, 01:27:15, 01:34:05, 01:36:20
• Form W-2C 01:39:51
• Form W-3 01:33:39
• Fringe Benefits 00:44:04, 00:51:24, 01:00:24
• Section 125 Cafeteria Plan 00:58:26
• State Unemployment Insurance (SUI) 01:20:10
• Taxpayer First Act 00:09:10
• Wage 00:43:52
• Wage Base 00:45:36, 00:48:36

Affordable Care Act: The Affordable Care Act, formally known as the Patient Protection and Affordable Care Act, and colloquially known as Obamacare, is a United States federal statute enacted by the 111th United States Congress and signed into law by President Barack Obama on March 23, 2010.

Audit: A formal examination of an organization's or individual's accounts or financial situation

Business Services Online (BSO): The Business Services Online (BSO) Suite of Services allows organizations, businesses, individuals, employers, attorneys, non-attorneys representing Social Security claimants, and third-parties to exchange information with Social Security securely over the internet.

De Minimis: Too trivial or minor to merit consideration.

EIN: The Employer Identification Number, also known as the Federal Employer Identification Number or the Federal Tax Identification Number, is a unique nine-digit number assigned by the Internal Revenue Service to business entities operating in the United States for the purposes of identification.

Federal Insurance Contributions Act (FICA): The Federal Insurance Contributions Act is a United States federal payroll contribution directed towards both employees and employers to fund Social Security and Medicare—federal programs that provide benefits for retirees, people with disabilities, and children of deceased workers.

Form 941: Federal form 941, also called a quarterly federal tax return, is an IRS return that employers use to report their FICA taxes paid and owed for the period. The IRS uses this form to calculate the amount of employer tax payments made during the year as well as the amount of taxes due at the end of the year.

Form W-2: Form W-2 is an Internal Revenue Service tax form used in the United States to report wages paid to employees and the taxes withheld from them. Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship. - Wikipedia (https://en.wikipedia.org/)

Form W-2C: W-2C is a form used to make corrections on previously issued wage/tax information (W-2s) from current or prior years. Like Form W-2, it is a multi-use form used to report corrected wages to the IRS (Internal Revenue Service), FTB (Franchise Tax Board), and SSA (Social Security Administration).

Form W-3: Form W-3 is a tax form used by employers to report combined employee income to the Internal Revenue Service (IRS) and the Social Security Administration. Employers who send out more than one Form W-2 to employees must complete and send this form to summarize their total salary payment and withholding amounts.

Fringe Benefits: An extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc.

Section 125 Cafeteria Plan: A Section 125 Cafeteria Plan is an employer-sponsored benefits plan that lets employees pay for certain qualified medical expenses – such as health insurance premiums – on a pre-tax basis. Contributions to the cafeteria plan are made before taxes are taken out of their paychecks.

State Unemployment Insurance (SUI): The Federal-State Unemployment Insurance Program provides unemployment benefits to eligible workers who are unemployed through no fault of their own.

Taxpayer First Act: The Taxpayer First Act is a law that makes significant reforms to the Internal Revenue Service. The Taxpayer First Act (TFA) was enacted on July 1st, 2019 with strong bipartisan support to reimagine and enhance the way they serve taxpayers, and continue to enforce the tax laws in a fair and impartial manner, and train IRS employees to deliver a world-class customer experience. The Act consists of 45 provisions, including specic mandates to improve the taxpayer experience.

Wage: A fixed regular payment, typically paid on a daily or weekly basis, made by an employer to an employee, especially to a manual or unskilled worker.

Wage Base: The taxable wage base is the amount of an employee's income from which the IRS calculates an individual's tax liability for Social Security. In other words, the taxable wage base is the income an employee earns on which Social Security taxes must be paid.