DESCRIPTION
For many years, the IRS has placed the burden on businesses, non-profits and not-for-profits as well as all levels of government to report information about taxable payments they make to their vendors and customers. In order to more accurately match our information reporting to taxpayer’s tax returns they have introduced an “e-services” portal to help us ensure the names and tax identification numbers provided to us by our payees match their records. When used properly, this system can reduce the risk of warning letters (CP-2100s/B-Notices) and penalty notices (972-CGs) from the IRS. Learn the best practices for eliminating 1099 error notices from the IRS. Discover the power of the TIN Matching system.
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 and 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.
Why should you attend?
How do you know your vendor’s W-9’s are correct? What are the consequences of filing incorrect name and ID numbers on their 1099’s? In just 90 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 1099’s contain accurate information that will agree with the IRS’s records. You will all but eliminate your B-Notices from the IRS!
Topics Covered:
Do you know the answers to these questions:
- Starter Question: What is TIN Matching
- Who must request access to the TIN Match system
- How do we register to use the system
- How does the TIN Match system work
- What are the best practices for managing 1099 reporting requirements
- How do I deal with vendors who report incorrect information on their W-4’s
- B-Notices: when I receive a letter from the IRS stating I have incorrect names/TINS on my 1099’s, what must I do and what about the deadlines
Who should attend?
- CFOs
- Controllers
- Compliance Managers
- Accounting Managers
- Accounts Payable Managers
- Any institution that makes reports on forms 1099-INT, 1099-B, 199-DIV, 1099-PATR, & 1099-MISC
Credits and Other information:
Recommended CPE credit – 2.0
Recommended field of study – Taxes
Session Prerequisites and preparation: None
Session learning level: Basic
Location: Virtual/Online
Delivery method: Group Internet Based
NASBA Sponsor: 138804
IRS Course ID: DFFSC
Attendance Requirement: Yes
Session Duration: 2 Hours
Case Studies and Live Q&A session with speaker
PowerPoint presentation for reference
