Form W-9 & 1099 Regulatory Compliance Update

4 (4)

Miles Hutchinson

Learn Continuously, LLC

Tuesday, March 16, 2021 | 12:30 PM EST

  • AFSP
  • CPA
  • EA
  • HRCI
  • Tax Pros
  • SHRM
  • CTEC

2 CPE | 2 CE

$50

Subject Area

Taxes

Webinar Qualifies For

2 Recertification Credit credit for HRCI Certified Professionals (Approval No. 546628)

2 PDC credit for SHRM Certified Professionals (Approval No. 21-RP424)

2 CPE credit of Taxes for all CPAs

2 CE credit of Federal Tax Law Update for California Tax Professionals (CTEC Approved-6273)

2 CE credit of Federal Tax Update for Oregon Tax Preparers

2 CE credit of Federal Tax Update for Enrolled Agents ( IRS Approved : GEHNZ )

2 CE credit of Federal Tax for Maryland Tax Preparers

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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Course Description

For years the IRS has struggled with the independent contractor and tax collection. And the situation has not changed very much. In assessing opportunities to close the tax gap – that is taxes due but not reported or paid - one of the greatest opportunities comes from expanding the information reporting on taxpayers by payers – the 1099. 

Key questions solved in the webinar:

  • 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? 
  • Other related questions to reduce your risk of huge penalties from the IRS.

Key benefits from attending the webinar

  • Identifying the rules requiring W-9 documentation and 1099 reporting
  • How to establish the independent contractor relationship with the right documentation
  • Understanding the rules and keep your company in compliance
  • Ensuring that your records will stand the scrutiny of an IRS 3rd Party Documentation and Reporting audit. 
  • Avoiding the onerous penalties for noncompliance
  • Building the best defense against the 972-CG Notice of Proposed Penalty Letter

The 1099 has become a time consuming reporting obligation and can be streamlined in a number of ways. Join this webinar to make it with ease. 

Learning Objectives

  • To recognize the best set up an independent contractor in vendor payment system to ensure compliance with the IRS reporting rules
  • To identify the protocols for setting up new vendors (ICs)
  • When to file Form W-9
  • To recognize the best way 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)

Who Should Attend?

  • Tax Attorney
  • Tax Practitioners
  • Accountant
  • CFO/Controller
  • CPA - Small Firm
  • CPA - Mid Size Firm
  • Accounting Firm
  • Tax Pros
  • CPA (Industry)
  • Auditors
  • Tax Firm
  • Young CPA
  • CPA in Business
  • Tax Accountant (Industry)
  • Tax Director (Industry)
  • Bank Managers
  • Information Reporting Officers
  • Tax Managers
  • Accounting Managers
  • IT Managers
  • Risk Managers
  • Compliance Managers
  • Tax Preparer

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