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Live Webinar on TIN Compliance, B Notices and Backup Withholding: Avoid Fines and Stay Compliant

Event Details

Live Webinar on TIN Compliance, B Notices and Backup Withholding: Avoid Fines and Stay Compliant

Time: March 12, 2019 from 1pm to 2:30pm
Location: 26468 E Walker Dr, Aurora, Colorado 80016
Street: 26468 E Walker Dr,Aurora, Colorado
City/Town: Aurora
Website or Map: http://bit.ly/2UNjHMs
Phone: 7209961616
Event Type: online
Organized By: Training Doyens
Latest Activity: Feb 8

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Event Description

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, B-notices 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 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 backup withholding.

AREAS COVERED

  • Reminders and what’s new
  • IRS matching process
  • Penalties
  • Establishing reasonable cause
  • Solicitations
  • TIN verification
  • NoticesBackup 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

To Register (or) for more details please click on this below link:

http://bit.ly/2HKWJDM

Email: support@trainingdoyens.com

Toll Free: +1-888-300-8494

Tel: +1-720-996-1616

Fax: +1-888-909-1882

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