TIN Matching, B Notices and Backup Withholding: Best Practices for Form 1099 Compliance
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, 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 1099 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 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
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
SPEAKER
Years of Experience: 21+ years
Areas of Expertise: Payroll, Tax, and FLSA Compliance
Patrick
A. Haggerty is a tax practitioner, author, and educator. His work
experience includes non-profit organization management, banking, manufacturing
accounting, and tax practice. He began teaching accounting at the college level
in 1988.
He is licensed as an Enrolled Agent by the U. S. Treasury to
represent tax payers at all administrative levels of the IRS and is a Certified
Management Accountant. He has written numerous articles and a monthly question
and answer column for payroll publications.
In
addition, he regularly develops and presents webinars and presentations on a
variety of topics including payroll tax issues, FLSA compliance, and
information return reporting.
Use Promo Code FALL19 and get flat 30% 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
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