Ensure Your Records Stands the Scrutiny of an IRS 3rd Party Documentation and Reporting Audit in 2018
For years the IRS has struggled with independent contractors 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.
Numerous questions arise on the rules regarding paying and IRS reporting on independent contractors. How to avoid the IRS CP-2100 (B-Notices)? What if your vendor/payee claims exemption; must you obtain a W-9 anyway? Is there a way to streamline the reporting obligation?
Get answers to all this questions and more in this information-packed, 90-minute webinar by expert instructor Miles Hutchinson, CGMA. Learn about best practices for handling information reporting obligations and minimizing risk of improper exemption by payees and vendors.
Miles will teach you 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. You’ll learn how to establish the independent contractor relationship with the right documentation and understand the rules and keep your company in compliance.
Attending this webinar will help you reduce your risk of huge penalties from the IRS and ensure your records stand the scrutiny of an IRS 3rd Party Documentation and Reporting audit. Additionally, you’ll be able to build the best defense against the 972-CG Notice of Proposed Penalty Letter.
- 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
- How to set up electronic reporting to your payees
- Form 1099-Misc – detailed guidelines for proper use and classification of diverse payments on this form
- How Merchant Card reporting on Form 1099-K affects your reporting on credit card payments
- How FATCA affects information reporting for U.S. persons
- Best practices for filing 1099s with the IRS
- The government wants to remove the exemptions – what this means to you
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