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1099 & W-9 Update - Complying with IRS Information Reporting
What are the rules regarding paying and IRS reporting on Independent Contractors?How do we avoid the IRS CP-2100 (B-Notices)?What if our vendor/payee claims exemption; must I obtain a W-9 anyway?
What are the rules regarding paying and IRS reporting on Independent Contractors?
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 payers – the 1099. This time consuming reporting obligation can be streamlined in a number of ways. Join us to learn more…
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.
Objectives of the Presentation:
In just ninety minutes you will gain the following insights:
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
Form 1099-Misc – guidelines for proper use and classification of diverse payments on this form
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 can Benefit:
Information Reporting Officers
All types of entities including For Profit, Not for Profit, Government (Federal and State) – everyone who hires an independent contractor has reporting obligations
AICPA, CGMA, IOMA, TAPN