This IRS regulatory compliance training will focus on the rules requiring W-9 documentation and 1099 reporting. Attendees will learn the best practices to ensure compliance with the IRS and avoid B-Notices.

Areas Covered in the Webinar:-

In just 90 minutes you will gain the following insights:

• How can we best set up an independent contractor in our vendor payment system to ensure compliance with the IRS reporting rules?
• Protocols for setting up new vendors (ICs)
• When to require a Form W-9
• How to test the accuracy of the W-9 information with the IRS’s records – for free!
• Who and what you pay determines whether you must report (1099 reporting)
• Forms to use to document your independent contractor as reportable or non-reportable
• Required governmental reporting on ICs
• Form 1099-Misc – guidelines for proper use and classification of diverse payments on this form
• Best practices for filing 1099s with the IRS – TIP: never file early!
• The government wants to remove the exemptions – what this means to you

Recently Asked Questions:-

• What is the best practice when no W-9 is presented?
• How does the TIN Match system work?
• What if the TIN begins with “98”?
• Are electronic signatures acceptable?
• How does FATCA affect the 1099 world?
• Does backup withholding always apply to payments reported on certain Forms 1099?

Why Should You Attend:-

• What are the rules regarding paying and IRS reporting on Independent Contractors?
• How do I avoid the IRS CP-2100 (B-Notices)?
• What if my vendor claims exemption; must I obtain a W-9 anyway?
• What are the best practices?
• How can I minimize the risk of improper exemption claims by my vendors?

Get the answers to these and related questions to reduce your risk of huge penalties from the IRS. This webinar will cover the rules requiring W-9 documentation and 1099 reporting for various types of Forms 1099 including interest, dividends, PATR, real estate transactions, and the famous Form 1099-Misc. Learn how to establish an independent contractor relationship with the right documentation. Understand the rules and keep your company in compliance. Ensure that your records will stand the scrutiny of an IRS 3rd party documentation and reporting an audit. Avoid the onerous penalties for noncompliance and build the best defense against the 972-CG Notice of Proposed Penalty Letter.

Who Will Benefit:-

• Bank Managers
• Compliance Officers
• Information Reporting Officers
• Tax Managers
• CFOs
• Controllers
• Accounting Managers
• Auditors
• IT Managers
• Compliance Managers
• Risk Managers
• All types of entities including For Profit, Not for Profit, Government (Federal and State) – everyone who hires an independent contractor has reporting obligations
• AICPA, CGMA, IOMA, TAPN