Key Take Away:
This webinar will go over developing a best practices manual and includes helpful hints on ways to avoid potential penalties and those time consuming “B” Notices.
The IRS thinks Forms 1099 are important. They asked and Congress agreed to increase the failure to timely file and the failure to file a correct Information Return penalties for Information Forms.
Form 1099 Due Diligence – Those steps you must take if you want to request abatement of IRS Form 1099 penalties due to reasonable cause. Exercising due diligence, due care in following procedures saves time and money.
Why Should You Attend:
• Develop Good Procedures for Solicitation of W-9 Forms
• Develop Procedures for Review of Incoming W-9 Forms
• Determine When to Return Incorrect or Incomplete W-9 Forms
• Use IRS e-Services to Avoid TIN and Name Matching Problems
• Guidelines for Instituting Backup Withholding tax Procedures
• What to do When You Receive a Notice 2100/2100A
Areas Covered In This Webinar:
• Most Common 1099 Mistakes
• Current Responsibility of Income Tax Preparer as Well as Payer
• Compliance requirements of Payers
• W-9, first step to accurate Forms 1099
• Tips for Avoiding IRS B-Notices
• Tips for Avoiding Increased IRS Penalties
• Identifying Types of Payments Requiring 1099s
• Identifying Types of Entities Who Should Receive a 1099
• Developing Best Practices for Preparation of Forms 1099
• Potential Penalties for Payer and Tips to Avoid Penalties
Who Will Benefit:
• CPA and Accounting Staff
• Enrolled Agent and Staff
• Attorney and Staff
• Bookkeeping Service Companies
• Corporate Accounts Payable Staff
• Non-Profit Accounting Staff
• Any Person or Department responsible for sending out Forms W-9 and Forms 1099
Greta P. Hicks
Greta P. Hicks is a former IRS Revenue Agent and Regional Training Coordinator. After a time as tax manager for Ernst & Young, Greta started her own business and for 34 years her CPA practice has been limited to representing persons who have IRS problems.
She is the author of "IRS Examination and Appeals Procedures" as well as, pilot tester of on-line continuing education courses for Checkpoint Learning. Greta has authored a number of continuing education courses on IRS practice & procedures and articles are regularly published on professional as well as trade magazines. Ms Hicks has traveled the US and taught Tax Update Seminars as well as various Inside the IRS topics.
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