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12 Sep 2019

12 Sep 2019

 

TIN Matching, B Notices and Backup Withholding: Best Practices for Form 1099 Compliance     (7 Views)     

Event Serial No.-  WLD126642
Website  
Contact Person - Training Doyens
Event inquiry /Organizer email address - support@trainingdoyens.com
Deadline for abstracts/proposals: 2019-09-12
Organized by: Training Doyens View more Conference
Venue: Aurora,  Colorado,  United States of America

About Event


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 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 nameTIN 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 Use Promo Code MKT10N and get flat 10% discount on all purchases To Register or for more details please click on this below link: http:bit.ly2Z5kREO Email: support@trainingdoyens.com Toll Free: 1-888-300-8494 Tel: 1-720-996-1616 Fax: 1-888-909-1882
Topic Covered: Banking and finance Banking and finance , Human Resources , Management ,
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