TIN Compliance, B Notices and Backup Withholding : Avoid Fines and Stay Compliant

    /Patrick  /A. Haggertyspeaker of Training Doyensinvite
    Speaker: Patrick A. Haggerty


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    Duration: 90 Minutes
    Product Code: 50666
    Level: Intermediate
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This program qualifies for 1.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).


OVERVIEW

Issuers of 1099 Forms can adopt best practices and procedures that streamline the year end process and provide assurance that 1099s are correct, at least so far as vendor names and TINs are concerned. While certain errors in reporting dollar amounts are considered “inconsequential” under new de minimis error rules, errors in the payee name or TIN are never considered inconsequential and can result in penalties.

Best practices to avoid errors and penalties include TIN solicitation, TIN verification, timely and appropriate response to IRS notices including issuing and follow up on B-Notices to payees, and procedures to implement and discontinue backup withholding as required.

The webinar will discuss the solicitation process including solicitation using and analyzing Form W-9, annual solicitations, B-notices and solicitations in response to IRS notices, and what to do when the vendor does not provide a TIN or provides an incorrect TIN.

It will cover how to register to use the IRS TIN verification service, how the system matches names and numbers and how this can help in preparing submissions to prevent false positive or negative responses from the system. It will cover how to submit TINs for verification and what to do when the system indicates a mismatch between the name and number of the vendor.

Procedures related to IRS notification of a name number mismatch or propose penalties for incorrect information returns are also covered including procedures the payer must follow in issuing B-Notices to payees.

The session will discuss establishment of procedures for proper administration of backup withholding.

WHY SHOULD YOU ATTEND

Year end is a busy time for Accounts Payable. With the acceleration of the due date for certain 1099 Forms and the increased penalties, it is more important than ever to prepare information returns correctly and file them on time. Preparation well in advance of the filing season is critical.

Establishment and implementation of procedures that provide for TIN solicitation, TIN verification, response to IRS notices and backup withholding are keys to efficient processing, avoiding errors or missing information, and establishing reasonable cause for penalty avoidance when errors occur.

This webinar discusses how to establish procedures and best practices, including name/TIN verification, that avoid situations that can lead to penalties or, when such situations occur, establish the reasonable cause defence that allows you to avoid the penalty.

AREAS COVERED

  • Reminders and what’s new 
  • IRS matching process
  • Penalties 
  • Establishing reasonable cause
  • Solicitations
  • TIN verification 
  • Notices
  • Backup withholding

LEARNING OBJECTIVES

  • Know how to register individuals to use the IRS TIN verification system and set up a company account.
  • Know how to submit names and TINS for verification.
  • Know the steps to properly follow up on a mismatch indicated by the TIN verification system.
  • Understand the importance of TIN solicitation using Form W-9 and follow up solicitations where necessary in establishing due diligence and reasonable cause for purposes of penalty avoidance.
  • Know how and when to issue B-notices to vendors and what to do when the payee responds or fails to respond. 
  • Know what to do when a payee fails to provide a TIN.
  • Understand backup withholding, when to start it, when to stop it, and how to deposit and report it.

WHO WILL BENEFIT

  • CFOs and controllers
  • Accounts payable and accounting managers
  • Accounts payable processing professionals
  • Employers and Business owners
  • Purchasing managers and professionals
  • Public accountants, CPAs and Enrolled Agents

SPEAKER

Patrick A. 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. He is licensed as an Enrolled Agent by the U. S. Treasury to represent tax payers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars and presentations on a variety of topics including payroll tax issues, FLSA compliance, and information return reporting.

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