Finding Tax Planning Opportunities Beyond the W-2

Payroll information can reveal much more than wages and withholding. For tax professionals working with individuals and small businesses, payroll records can provide valuable clues about credits, deductions, reporting requirements and planning opportunities that may otherwise be overlooked.

Recent tax law changes have made that connection even more important. New provisions affecting qualified tips and overtime compensation, along with existing employment-related credits and incentives, create opportunities for tax professionals to look more closely at the information flowing through payroll and consider how it affects both the business and the individual taxpayer.

This session explores how tax professionals can use payroll information as part of a broader tax planning process. Attendees will examine payroll-related tax provisions, identify information that should prompt additional questions and learn how to incorporate payroll considerations into client conversations throughout the year.
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Objectives

Upon completion of this session, you will be able to:

• Identify payroll information that may signal tax credits, deductions and other federal tax planning opportunities
• Explain selected federal tax provisions and reporting considerations affecting tips, overtime compensation and other employment-related tax benefits
• Apply payroll information to identify potential tax consequences and support year-round planning conversations with business clients

CPE