For years the IRS has struggled with the independent contractor and tax collection. In assessing opportunities to close the tax gap (taxes due but not reported or paid), one of the greatest opportunities comes from expanding the information reporting on taxpayers by payers – the 1099. This time consuming reporting obligation can be streamlined in a number of ways. Join us to learn more.
WHY SHOULD YOU ATTEND
- Learn 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 the 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 audit.
- Avoid the onerous penalties for noncompliance and build the best defense against the 972-CG Notice of Proposed Penalty Letter.
In just ninety minutes you will gain the following insights:
- Starter Question: 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 payees and vendors (ICs)
- When to require a Form W-9 v. Form W-4 v. Forms W-8
- 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)
- When and how to handle back-up withholding
- When signatures are required on Form W-9
- Update on the latest changes to the forms, deadlines and penalties
- When you must electronically file your information returns
What are the rules regarding paying and IRS reporting for Independent Contractors? How do we avoid the IRS CP-2100 (B-Notices)? What if our vendor/payee claims exemption; must we obtain a W-9 anyway? What are the best practices for handling our information reporting obligations? How can we minimize risk of improper exemption claims by our payees and vendors?
WHO WILL BENEFIT
- Bank Managers
- Compliance Officers
- Information Reporting Officers
- Tax Managers
- Accounting Managers
- 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
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