TIN Matching, B Notices and Backup Withholding: Best Practices for Form 1099 Compliance
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, backup withholding B-notice 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 IRS TIN matching 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
federal 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 1099backup 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 defense that allows you to avoid the
penalty.
AREAS
COVERED
- Reminders,
backup withholding rate 2019 and what’s new
- IRS
TIN matching system
- Penalties
- Establishing
reasonable cause
- Solicitations
- TIN
verification
- Notices
- Federal
Backup withholding
Use Promo Code MKT10N and get flat 10% discount on all purchases
To
Register (or) for more details 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
Comments
Post a Comment