For years the IRS has struggled with the independent contractor 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 payors – the 1099. This time consuming reporting obligation can be streamlined in a number of ways. Join us to learn more… 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? Get the answers to these and related questions to reduce your risk of huge penalties from the IRS.
WHY SHOULD YOU ATTEND?
Learn the rules requiring W-9 documentation and 1099 reporting. Learn how to establish the independent contractor relationship with the right documentation. Understand the rules and keep your company in compliance. Ensure that your records will stand the scrutiny of an IRS 3rd Party Documentation and Reporting audit. Avoid the onerous penalties for noncompliance and build the best defense against the 972-CG Notice of Proposed Penalty Letter.
LEARNING OBJECTIVES
Information Returns: 2021 updates to Form 1099-MISC and Form 1099-NEC
1099, W-2 and ACA Filing Deadlines to IRS and SSA
Starter Question: 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 vendors (ICs)
When to require a Form W-9
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)
Forms to use to document your independent contractor as reportable or non-reportable
Required governmental reporting on ICs
"B" notice procedures: When to issue and how to follow-up
Using the IRS TIN verification system to avoid IRS notices
Best practices for filing 1099s with the IRS – TIP: never file early!
The government wants to remove the exemptions – what this means to you
WHO WILL BENEFIT?
CPA's
CFOs
Tax Managers/Tax Professionals
Tax Attorneys
Bank Managers
Compliance Officers
Information Reporting Officers
CFOs
Controllers
Accounting Managers
Auditors
IT Managers
Compliance Managers
Risk Managers
SPEAKER PROFILE
Patrick Haggerty is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988.
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