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Effectively Handling CP 2100 letter and B Notices

  • AFSP
  • CPA (US)
  • EA
  • Oregon Tax Prep.
  • CTEC
  • Maryland Tax Prep.
Effectively Handling CP 2100 letter and B Notices

1 Credit

$10

Subject Area

Taxes

Webinar Qualifies For

1 CPE credit of Taxes for all CPAs

1 CE credit of Federal Tax Update for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-U-00791-21-O)

1 CE credit of Federal Tax Law Update for California Tax Professionals (CTEC Approved-6273) (Approval No. 6273-CE-0735)

1 CE credit of Annual Filing Season program (AFSP)( IRS Approved : GEHNZ )

1 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-U-00791-21-O)

1 CE credit of Federal Tax Update for Oregon Tax Preparers (Approval No. GEHNZ-U-00791-21-O)

1 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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Course Description

Nervously awaiting your CP2100 Report from the IRS?

Collecting and organizing all the needed documentation to show where you’ve mailed W-9s and corrected your 1099s, all while trying to stay current with the ever-changing rules and regulations can be extremely stressful – especially with potential IRS fines hanging over your head.

Businesses receive a form called CP-2100 from the IRS when there's a mismatch between what the business put on a Form 1099 for a contractor's social security number, versus what's in the IRS's database for the contractor's social security number.

If a payer receives a CP2100 notice indicating a missing or incorrect payee TIN, they could potentially be responsible for backup withholding. Mandated by the IRS under Internal Revenue Code §3406, backup withholding rules require payers to withhold 28% of payments made to these payees, which is remitted to the IRS via Form 945, Annual Return of Withheld Federal Income Tax.

When a business receives a CP-2100 notice, it must send out what's called a "B Notice" to the contractor, to request corrected information.

Effectively handling CP-2100 letters and sending out B Notices helps a business stay in compliance and avoid penalties.

This CPE webinar will cover how to deal with CP-2100 letters, and also provide tips on avoiding these letters.

Following are the major topics covered in this CPE tax webinar:

  • What is a CP-2100 letter?
  • IRS Publication 1281 - a great resource for how to deal with CP-2100 letters.
  • What is backup withholding?
  • Understanding Form W-9.
  • IRS "TIN matching" program.
  • How to handle not getting an SSN from a contractor.

Learning Objectives

  • To analyze what is a CP-2100 letter.
  • To investigate how to use "B Notices".
  • To explain the concept of backup withholding
  • To analyze what is a Form W-9.
  • To inspect how to use the IRS's TIN Matching Program. 

Who Should Attend?

  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Young CPA