Why Should You Attend:
The IRS is actively targeting enforcement measures on accounts payable operations. Penalties for non-compliance are now indexed and increase each year. It is more important than ever that 1099 Forms be prepared correctly, filed and furnished timely, and that filers perform due diligence procedures to avoid or mitigate penalties.
In order to stay compliant, practitioners must know which form to use to report specific transactions, when forms must be filed or furnished to recipients in order to be on-time, which information to include and how to make sure it is accurate, how and when to make corrections, how to avoid or mitigate errors, whether a particular payee is subject to backup withholding, or transaction reporting, and the due diligence procedures that shield an issuer from penalties even when the forms contain incorrect information.
Learning Objectives:
Know when to furnish and file information returns under the new requirements
Understand the de minimus money amount error rules
Identify reportable payments and payees. Know when a 1099 is required
Be aware of common 1099 errors: Know how to avoid them and how to correct them
Understand backup withholding: What it is; When to start and when to stop; How to deposit and report
Know the due diligence procedures to avoid penalties for missing or incorrect payee tax ID numbers
Understand the procedures for "B" notices: When to issue and how to follow-up
Know when the payment card rules apply and how 1099 reporting is affected
Understand how to document independent contractor as reportable or non-reportable
Know the procedures and policies that establish "reasonable cause" and avoid penalties
Areas Covered in the Webinar:
Overview of information returns – Resources for compliance
Filing deadlines and affected returns
De minimis exception for money errors
Increases in penalties for non-compliance
Form 1099-MISC - Reportable payments and payees
Common 1099 errors – how to prevent them and how to correct them
Taxpayer identification number basics: Which number to use
Documentation that establishes reportable and non-reportable payees
TIN Solicitation & “B” Notices – when to issue and how to follow-up
Due diligence procedures avoid or mitigate penalties for missing or incorrect payee tax ID numbers
TIN Verification and using the IRS TIN verification system
Backup Withholding - What it is, When to start and when to stop, How to deposit and report
Procedures and policies that establish "reasonable cause" and avoid penalties
The IRS is actively targeting enforcement measures on accounts payable operations. Penalties for non-compliance are now indexed and increase each year. It is more important than ever that 1099 Forms be prepared correctly, filed and furnished timely, and that filers perform due diligence procedures to avoid or mitigate penalties.
In order to stay compliant, practitioners must know which form to use to report specific transactions, when forms must be filed or furnished to recipients in order to be on-time, which information to include and how to make sure it is accurate, how and when to make corrections, how to avoid or mitigate errors, whether a particular payee is subject to backup withholding, or transaction reporting, and the due diligence procedures that shield an issuer from penalties even when the forms contain incorrect information.
Learning Objectives:
Know when to furnish and file information returns under the new requirements
Understand the de minimus money amount error rules
Identify reportable payments and payees. Know when a 1099 is required
Be aware of common 1099 errors: Know how to avoid them and how to correct them
Understand backup withholding: What it is; When to start and when to stop; How to deposit and report
Know the due diligence procedures to avoid penalties for missing or incorrect payee tax ID numbers
Understand the procedures for "B" notices: When to issue and how to follow-up
Know when the payment card rules apply and how 1099 reporting is affected
Understand how to document independent contractor as reportable or non-reportable
Know the procedures and policies that establish "reasonable cause" and avoid penalties
Areas Covered in the Webinar:
Overview of information returns – Resources for compliance
Filing deadlines and affected returns
De minimis exception for money errors
Increases in penalties for non-compliance
Form 1099-MISC - Reportable payments and payees
Common 1099 errors – how to prevent them and how to correct them
Taxpayer identification number basics: Which number to use
Documentation that establishes reportable and non-reportable payees
TIN Solicitation & “B” Notices – when to issue and how to follow-up
Due diligence procedures avoid or mitigate penalties for missing or incorrect payee tax ID numbers
TIN Verification and using the IRS TIN verification system
Backup Withholding - What it is, When to start and when to stop, How to deposit and report
Procedures and policies that establish "reasonable cause" and avoid penalties
