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Webinar Price Details

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 tax ID number (TINs) are concerned. While certain errors in reporting dollar amounts are considered “inconsequential” under 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, B-Notices and procedures to implement and discontinue backup withholding as required.  

The webinar will discuss the solicitation process including solicitation, effective use of  Form W-9, annual solicitations, B-notices, 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 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 proposed 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 backup withholding.

Why you should Attend

Year end is a busy time for Accounts Payable. With  annual increases in information return 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 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/Tax ID number verification, that avoid situations that can lead to penalties or, when such situations occur, establish reasonable cause that allows you to avoid the penalty.

Areas Covered in the Session

  • Reminders and what’s new
  • Form W-9 best practices
  • IRS matching process
  • Penalties
  • Establishing reasonable cause
  • Solicitations
  • TIN verification
  • Notices
  • Backup withholding

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 Profile

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 taxpayers 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, information returns, and accounting.