1099 and W-9 Update - Complying with IRS Information Reporting-Webinar By compliance4all

1099 and W-9 Update - Complying with IRS Information Reporting-Webinar By compliance4all

 

  • 1099 and W-9 Update - Complying with IRS Information Reporting

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About The Event

Overview:

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 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.

Learn the rules requiring W-9 documentation and 1099 reporting. 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. 

Areas Covered in the Session:

  • 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 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

Who Will Benefit:

  • CFOs
  • Controllers
  • Accounting Managers
  • Tax Managers
  • Accounts Payable Managers
  • IT Managers
  • Com pliance Managers  

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