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Form W-9 & 1099 Regulatory Compliance Update

  • Accountant
  • AFSP
  • CRTP
  • CPP
  • CPA (US)
  • EA
  • HRCI
  • ORTP
  • SHRM
  • FPC
  • Maryland Tax Preparer

Published: June, 2021

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • IRS Tax Collection Issues
    3 mins
  • W-9 Guidelines
    10 mins
  • FATCA
    17 mins
  • Best Practices
    30 mins
  • Payees Exempt From B/U W/H
    46 mins
  • Use of IRS FAQs
    58 mins
  • Form 1099-MISC
    75 mins
  • Electronic Submissions to the IRS
    98 mins

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. 

This online CPE webinar for CPAs 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.

This online CPE webinar for CPAs 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

This online CPE webinar for CPAs, 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?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Auditors
  • Bank Managers
  • CFO/Controller
  • Compliance Managers
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • HR Professionals
  • Human Resources Manager
  • Risk Managers
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2 CE Credit of Federal Tax Law Update for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0308)
  • 2 PDC Credit of Business Acumen for SHRM Professionals (Approval No. 22-3H5UJ)
  • 2 RCH Credit of HR (General) for Human Resource Certification Institute (HRCI) (Approval No. 583546)
  • 2 CE Credit of Federal Tax Law Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-00301-20-S)
  • 2 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 2 CE Credit of Federal Tax Law Update for Annual Filing Season Program (AFSP)
  • 2 CE Credit of Federal Tax Law Update for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-00301-20-S)
  • 2 CE Credit of Federal Tax Law Update for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-00301-20-S)
  • 2 General Credit of Taxes for Accountant/Bookkeeper/Tax Professionals
  • 2 RCH Credit of Core Payroll Concepts for Fundamental Payroll Certification (FPC) (Approval No. 22CPE021)
  • 2 RCH Credit of Core Payroll Concepts for Certified Payroll Professional (CPP) (Approval No. 22CPE021)

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) 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.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

Miles Hutchinson

President, Learn Continuously, LLC

Miles Hutchinson is a CGMA and experienced businessman. He has been an auditor with PriceWaterhouseCoopers and the Chief Financial Officer of a $1 billion real estate development company. Miles is a professional speaker and consultant who has presented over 2,700 seminars and training sessions on a myriad of business and financial topics, like financial analysis and modeling, accounting, strategic planning, and compliance with the Sarbanes-Oxley Act.  He is recognized as an expert in payroll and sales & use tax as well as financial modeling & analysis, business strategy and communications.  He is the author of several useful accounting and tax tools available at www.soxpolicies.com and www.salestaxadvisors.com.  His clients include, Abbott Labs, Bank of America, Boston Scientific, Citicorp, Corning, the FBI, the FDA, the Federal Reserve, GE, Pfizer, Siemens, US Marine Corps, and the US Army.  Please visit his web sites to see how you can further benefit from his expertise.

About Company

Learn Continuously, LLC

www.learncontinuously.com

Learn Continuously, LLC creates and delivers comprehensive business training. We are a predominantly web based training host providing continuing education that is easy to use, interactive, interesting and cost effective. Learn Continuously focuses on advancing students in businesses, NGOs and government by offering a full complement of topics from leadership and communication skills, salesmanship, operations and management, to risk management and regulatory compliance. Our training philosophy supports participants who aspire to earn advancement in their organizations by growing their knowledge, passions and talents. Our methods include discussions of best practices and market trends, regulatory updates, product demonstrations, concept outlines, sample scripts, and references to tested and effective resources.

We apply high internal standards to bring you the most highly sought after experts who are also accomplished course leaders, develop outstanding training materials, and utilize state-of-the-art e-learning techniques and technologies to facilitate the exchange of ideas to assist our clients in achieving operational excellence. Our products and services may be customized to fit any industry, organization or market. Our formula assures we will ignite knowledge and experience into effective action.

Our mission is to empower professionals through effective online training sessions. Our world class training methodologies stem from a comprehensive understanding of learning needs from the individual to the global perspective. Our offerings will exceed expectations and provide an exceptional return on your investment.


Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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KH

Kaitlin Henderson, CPP

Oct 6th, 2022

.

Form W-9 & 1099 Regulatory Compliance Update

PREMIUM

2 Credits

Subject Area

Taxes