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Complete 1099, TIN Matching, B-Notice, FATCA and Nonresident Alien 1042-S Compliance Update
Link to Website
The average cost of a Notice of Proposed Penalty is estimated at US $150,000 including the penalty itself and the added costs for consultants, personnel, remediation of legacy records, etc. Compliance is far less expensive than the alternative.
- Are you in compliance with the regulations surrounding data collection, backup withholding and information reporting?
- How do you determine whether you can accept a W-9 from someone or if you must request a W-8 instead?
- What if you send them a 1099 when you should have sent them a Form 1042-S?
- How will you deal with an IRS demand for the backup withholding you failed to deduct from a Nonresident Alien’s (NRA’s) payments?
This seminar will focus on addressing these issues and many more compliance and regulatory issues pertaining to IRS forms 1099 and 1042-S. It will also address compliance with Title 26, CFR 1402(b) & (c), employee v. independent contractor distinction, and 1441 (withholding of tax on nonresident aliens and foreign corporations) mandates.
In this two day workshop, participants will learn how to identify independent contractors and non-resident aliens. We will analyze case studies to:
- Ensure you fully understand the most efficient process
- Communicate effectively with the payee to obtain correct and properly executed Form W-8 or W-9 from the payee
- Determine whether and how much must be subjected to backup withholding
- Confirm whether the name and tax ID of the payee match the IRS databases
- Expedite the handling of your B-Notices
- Fight a notice of proposed penalty
In addition, attendees will learn the best method to process 1099 and 1042-S reporting to both your payees and the IRS using best practices.
Due to the enactment of the Foreign Accounts Tax Compliance Act (FATCA), the course will address issues related to the use of forms W-9 and W-8 to comply with both Chapters 3 and 4 of the internal revenue code.
Through case study analysis, the presenter will illustrate best practices to maximize the performance of your current system. Additionally, case studies will also explore how your management practices can be improved to help ensure complete regulatory compliance.
On completing this course, participants will:
- Be well versed in the information reporting process
- Understand the importance of obtaining forms W-9 or W-8 on all payees
- Be able to reduce the amount of time and resources necessary to handle the company’s information reporting mandate
- Be able to minimize the risk and effort involved in performing backup withholding
- Improve the accuracy of their regulatory reporting process
- Enhance the relationship between the company and clients/vendors, etc.
- Be able to help reduce the company’s potential exposure to penalties for noncompliance with information reporting and withholding regulations
- Have a clear action plan for implementing best practices for compliance
Who Will Benefit:
Individuals with regulatory or quality management systems responsibilities for making general improvements in their organization’s performance specifically related to regulatory compliance will find this course a must attend. This includes the following professionals:
- Regulatory professionals
- Information reporting officers
- Certified payroll professionals
- Compliance professionals
- Tax professionals
- Finance officers
- Bank officers
- Accounting managers
- Accounts payable managers
- Document control specialists
- Human resources professionals
- Record retention specialists
- Legal Professionals
- IT managers
- Risk managers
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 information reporting on taxpayers by payers – the 1099. Collecting the tax due from NRAs working in the US is a Tier 1 audit issue. This tax burden is minimized when companies making payments to NRAs for dependent and independent personal services properly withhold on these payments. This time consuming reporting obligation can be streamlined in a number of ways.
The IRS has placed the burden on businesses, non-profits and not-for-profits as well as all levels of government to report information about taxable payments they make to their account holders, vendors and customers. In order to more accurately match our information reporting to taxpayer’s tax returns they have introduced an ‘e-services’ portal to help us ensure the names and tax identification numbers provided to us by our payees match their records (TIN Matching System). When used properly, this system can reduce the risk of Warning Letters (CP-2100s/B-Notices) and penalty notices (972-CGs) from the IRS. Every year the IRS sends out millions of CP2100 Notices identifying incorrect names/TINS on 1099s. These letters have a very short deadline for responding.
Field of Study:
- Auditing: 0.5 CPE Credit
- Behavioral Ethics
- Business Management & Organization
- Communications: 0.5 CPE Credit
- Personnel: 0.5 CPE Credit
- Management Advisory Services
- Specialized Knowledge and Applications
- Tax: 13 CPE Credit
Program Delivery Method: Group-Live
Program Level: Basic
Advance Preparation/Program Prerequisites: None
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