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 form. This time consuming reporting obligation can be streamlined in a number of ways.
Why Should You Attend:
Ensure that your records will stand the scrutiny of an IRS 3rd Party Documentation and Reporting audit. Avoid the onerous penalties for non-compliance and build the best defense against the 972-CG Notice of Proposed Penalty Letter.
Areas Covered in this Webinar:
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 W-9 forms
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
IRS best practices for filing 1099s – TIP: never file early!
The government wants to remove the exemptions – what this means to you
Who Will Benefit:
Information Reporting Officers
Experienced CGMA and businessman Miles Hutchinson will explain the best practices to help you ensure your W-9 information matches that of the IRS – before the 1099’s go out – even before making the first payment to a new vendor.
He will show you how to handle the remaining B-Notices that sneak through in the most efficient manner and help ensure your company never has to pay a penalty for failure to comply with these burdensome regulatory requirements.
For more detail please click on this below link:
Toll Free: +1-844-746-4244