Keeping up with the changes in tax regulation from year to year can be challenging only if you are not aware of it.
- IRS Form 1099 Reporting: Including Independent Contractor and Litigation Issues.
- Merchant Reporting and Form 1099-K.
- Reportable payments: examples of what’s reportable; reporting threshold
- Changes to 1099-B broker reporting.
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 – 1099. This time-consuming reporting obligation can be streamlined in a number of ways. Join us to learn more…
Session Highlights:
- 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 payees and vendors (ICs)When to require a Form W-9 v. Form W-4 v. Forms W-8
- 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)When and how to handle backup withholding
- When signatures are required on Form W-9
- Update on the latest changes to the forms, deadlines, and penalties
- When you must electronically file your information returns
- How to set up electronic reporting to your payees
- Form 1099-Misc – detailed guidelines for proper use and classification of diverse payments on this form
- How Merchant Card reporting on Form 1099-K affects your reporting on credit card payments
- How FATCA affects information reporting for U.S. persons
- Best practices for filing 1099s with the IRS – TIP: never file early
- The government wants to remove the exemptions – what this means to you
Why You Should Attend:
Identify the IRS reporting requirements for the first year of filing the new Form 1099-NEC tax information return.
Replacement of box 7 from 1099- MISC to 1099-NEC
Learn the rules requiring W-9 documentation and 1099 reporting for various types of Forms 1099 including interest, dividends, PATR, real estate transactions, and the famous Form 1099-Misc.
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 defence against the 972-CG Notice of Proposed Penalty Letter.
Who Should Attend:
- Bank Managers
- Compliance Officers
- Information Reporting Officers
- Tax Managers
- CFOs
- Controllers
- Accounting Managers
- Auditors
- IT Managers
- Compliance Managers
- Risk Managers
- 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.
Reviews
There are no reviews yet.