W-9 Documentation and 1099 Reporting - IRS Compliance Mandates and Latest Updates

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    Speaker: Miles Hutchinson


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    Duration: 90 Minutes
    Product Code: 51035
    Level: Intermediate

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OVERVIEW

  • What are the rules regarding paying and IRS information reporting on Independent Contractors?
  • How do I avoid the IRS CP-2100 (B-Notices)?
  • What if my vendor claims exemption; must I obtain W-9 forms anyway?
  • What are the IRS best practices? How can I minimize risk of improper exemption claims by my vendors?

Get the answers to these and related questions to reduce your risk of huge penalties from the IRS.

WHY SHOULD YOU ATTEND

For years the IRS has struggled with the independent contractor and tax collection issues. 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 reporting.

This time IRS information reporting can be streamlined in a number of ways. Join us to learn more.

AREAS COVERED

  • 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
  • Best practices for filing 1099 form with the IRS – TIP: never file early!
  • The government wants to remove the exemptions – what this means to you

LEARNING OBJECTIVES

Learn the rules for 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.

WHO WILL BENEFIT

  • Bank Managers
  • Compliance Officers
  • Information Reporting Officers
  • Tax Managers
  • CFOs
  • Controllers
  • Accounting Managers
  • Auditors
  • IT Managers
  • Compliance Managers
  • Risk Managers

SPEAKER

Years of Experience: 35+ years

Areas of Expertise: Financial Analysis and Modeling, Accounting, Strategic Planning, and Compliance with the Sarbanes-Oxley Act

Miles Hutchinson is a CGMA (Chartered Global Management Accountant) and experienced businessman. He has been an auditor with PriceWaterhouseCoopers and the Chief Financial Officer of a $1 billion real estate development company. Miles is a professional speaker and consultant who has presented over 2,000 seminars and training sessions on a myriad of business and financial topics, like financial analysis and modeling, accounting, strategic planning, and compliance with the Sarbanes-Oxley Act.

He has over 35 years of practical experience in strategic planning, analysis and reporting. He is the author of several useful reporting and tax tools. His clients include, Abbott Labs, Bank of America, Boston Scientific, Citicorp, Corning, the FBI, the FDA, the Federal Reserve, GE, Pfizer, Siemens, US Marine Corps, and the US Army.

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