The IRS provides updated tax rates and changes how taxable income is calculated each year. This webinar will assist the seasoned payroll professional on new legislation that need to be considered. This webinar will also assist the W-2 new comer to understand all the boxes on the form W-2 and what should be reported. A brief overview of year end and W-2 best practices will also be discussed. Updates to the W-2 for tax year 2020 such as how to handle the SSN truncation. Review of the Notice 2020-54 of COVID-19 Sick and family leave credit reporting on the Form W-2.