TIN Compliance, B Notices and Backup Withholding : Avoid Fines and Stay Compliant
OVERVIEW
Issuers of 1099 Forms can adopt best practices
and procedures that streamline the year end process and provide assurance that
1099s are correct, at least so far as vendor names and TINs are concerned.
While certain errors in reporting dollar amounts are considered
“inconsequential” under new de minimis error rules, errors in the payee name or
TIN are never considered inconsequential and can result in penalties.
Best practices to avoid errors and penalties
include TIN solicitation, TIN verification, timely and appropriate response to
IRS notices including issuing and follow up on B-Notices to payees, and
procedures to implement and discontinue backup withholding as required.
The webinar will discuss the solicitation
process including solicitation using and analyzing Form W-9, annual
solicitations, B-notices and solicitations in response to IRS notices, and what
to do when the vendor does not provide a TIN or provides an incorrect TIN.
It will cover how to register to use the IRS
TIN verification service, how the system matches names and numbers and how this
can help in preparing submissions to prevent false positive or negative
responses from the system. It will cover how to submit TINs for verification
and what to do when the system indicates a mismatch between the name and number
of the vendor.
Procedures related to IRS notification of a
name number mismatch or propose penalties for incorrect information returns are
also covered including procedures the payer must follow in issuing B-Notices to
payees.
The session will discuss establishment of
procedures for proper administration of backup withholding.
WHY SHOULD YOU ATTEND
Year end is a busy time for Accounts Payable.
With the acceleration of the due date for certain 1099 Forms and the increased
penalties, it is more important than ever to prepare information returns
correctly and file them on time. Preparation well in advance of the filing
season is critical.
Establishment and implementation of procedures
that provide for TIN solicitation, TIN verification, response to IRS notices
and backup withholding are keys to efficient processing, avoiding errors or
missing information, and establishing reasonable cause for penalty avoidance
when errors occur.
This webinar discusses how to establish
procedures and best practices, including name/TIN verification, that avoid
situations that can lead to penalties or, when such situations occur, establish
the reasonable cause defence that allows you to avoid the penalty.
AREAS COVERED
- Reminders and what’s new
- IRS matching process
- Penalties
- Establishing reasonable cause
- Solicitations
- TIN verification
- Notices
- Backup withholding
LEARNING OBJECTIVES
- Know how to register individuals
to use the IRS TIN verification system and set up a company account.
- Know how to submit names and TINS
for verification.
- Know the steps to properly follow
up on a mismatch indicated by the TIN verification system.
- Understand the importance of TIN
solicitation using Form W-9 and follow up solicitations where necessary in
establishing due diligence and reasonable cause for purposes of penalty
avoidance.
- Know how and when to issue
B-notices to vendors and what to do when the payee responds or fails to
respond.
- Know what to do when a payee fails
to provide a TIN.
- Understand backup withholding,
when to start it, when to stop it, and how to deposit and report it.
WHO WILL BENEFIT
- CFOs and controllers
- Accounts payable and accounting
managers
- Accounts payable processing
professionals
- Employers and Business owners
- Purchasing managers and
professionals
- Public accountants, CPAs and
Enrolled Agents
For more detail please click on this below
link:
Email: support@trainingdoyens.com
Toll Free: +1-888-300-8494
Tel: +1-720-996-1616
Fax: +1-888-909-1882
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