DESCRIPTION
Learn the best practices for eliminating 1099 error notices from the IRS. Discover the power of the TIN Matching system. Discover the smoothest way to register to use the two-step verification process introduced on 12/10/17. Learn how to handle the CP-2100 notices from Uncle Sam and avoid the fines & penalties for failure to timely comply with the B-Notice requirements. Understand the difference between 1st and 2nd B-Notice and the related differences in required vendor responses. Be sure you institute and stop Backup Withholding when required.
Join us for a content-rich 2 hours and you will gain the tools to make you the most effective information return manager your company has ever seen.
This CE Tax Course covers the following Major Topics:
- What is TIN Matching?
- Benefits of TIN Matching
- How to Register for TIN Matching?
- How do I Perform a TIN Match?
- CP-2100 / B-Notices
- 972-CG Proposed Penalties
- Bonus – Personal Liability?
Why Should You Attend:
How do you know your vendor’s W-9s are correct? What are the consequences of filing incorrect names and ID numbers on their 1099s? In just 120 minutes, you can begin to develop a solid plan to move your company toward near-absolute regulatory compliance, efficiency improvements, standardized processes, & adequate documentation to ensure your 1099s contain accurate information that will agree with the IRS’s records. You will all but eliminate your B-Notices from the IRS!
Learning Objectives:
- To know what is TIN Matching.
- To review what are the benefits of the TIN Matching System.
- To identify who must request access to the TIN Match system.
- To study how we register to use the system, including the 2-step verification system introduced on 12/10/17.
- To discuss how the TIN Match system works.
- To evaluate the best practices for managing 1099 reporting requirements.
- To know how I deal with vendors who report incorrect information on their W-4s.
- To study B-Notices: when I receive a letter from the IRS stating I have incorrect names/TINS on my 1099s, what must I do, and what about the deadlines?
- To analyze what if I receive a Notice of the Proposed Penalty
- To know how we negotiate a reduction or eliminate the penalty
- To discuss how we leverage the Reasonable Cause Regulations.
- To review how TIN Matching impacts the fight to reduce proposed penalties.
Additional details:
Course Level : Update
Credits :2 IRS and NASBA
Instructional Method : Group Internet Based
Pre-requisites : None
Advance Preparation : None
Thecpeeducator is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
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