Want to avoid IRS penalties for mistakes on Form 1099? YES, make sure staff has exercised due diligence. Due Diligence involves a written Plan, training staff, and monitoring staff to determine if they have followed the Plan. The Plan for accurate Forms 1099 is the development of procedures for an accurate Form W-9. Most mistakes that the IRS identifies on the Form 1099, originates in failure to follow W-9 procedures. IRS penalties not only cost money but also take up valuable time which translates to money.
Objectives of the Presentation
- Common Form 1099 Mistakes
- Duties of Your W-9 Expert
- W-9 Compliance Steps
- Identifying Types of Payments Requiring a Form 1099
- Identifying Types of Companies Requiring a Form 1099
- Maintaining Records to Prove Due Diligence Was Exercised
Why Should you Attend
This course is designed to develop a Plan and train and monitor staff of achieve due diligence.
- Due Diligence Best Practices Steps
- How Is a Name/TIN Mismatch Identified
- Use of IRS e-Services to avoid Mismatches
- Review of W-9 Solicitation Requirements
- 2017 Penalty Increases Against Form 1099 Preparer
- W-9 and 1099 Compliance
The seemingly never-ending and complicated changes to the 1099 forms require you to stay diligent. Reporting issues are commonly a top priority and there is no better way to stay up to date on the issues, exercise best practices, practice due diligence, and avoid costly mistakes. The IRS thinks Forms 1099 are important. They asked and Congress agreed to increase the failure to timely file and the failure to file correct Information Return penalties for Forms filed. This webinar will go over developing a best practices manual and includes helpful hints on ways to avoid potential penalties and those time consuming "B" Notices.
Mr Steven Mercatante,
Principal and Founder ,
TIR Consulting, LLC
Steven Mercatante Esq. is the principal and founder of TIR Consulting, LLC. TIR is a nationally recognized leader in tax reporting education and consulting on specialized 1099/1042-S compliance issues and with a clientele ranging from the world's largest multinational corporations, banks, universities, and insurance companies down to medium sized businesses, community colleges, local hospitals, and other such organizations.
Steven is the author of an annual series of Federal and State Level Tax Compliance and Reporting Guides, has conducted on-site consultation for corporate clients from across the world, and led countless webinars and seminars for a variety of organizations.
Who will Benefit
- CPA, Attorney, EA firms and staff
- Firm Accounts Payable management or staff
- Corporate Controllers, Accounts Payable, Financial Managers, &Staff
- Non-profit Controllers, Accounts Payable, Staff