TIN Verification and B Notices: How to Avoid Costly Mistakes and Penalties
To improve accuracy, IRS introduced an e-Services system that helps ensure the names and Tax Identification Numbers (TINs) that payees provide to companies match IRS records.
When used properly, this system can reduce your risk of receiving warning letters (CP2100 Notices and B Notices) and penalty notices (972CGs) from IRS.
But if it’s not used correctly, you're at a higher risk of making expensive mistakes. A/P departments that have dealt with the headaches of TIN violations and B Notices know this all too well.
In this IRS compliance program, we'll share TIN Matching system best practices that can help you prevent 1099 reporting errors.
We'll also reveal how you can effectively handle B Notices to avoid costly fines and penalties. Join us to learn:
- Keys for TIN verification: Guidelines for accurately registering with the IRS TIN Matching system Protocols for handling and responding to B Notices
- Methods to perform electronic name and TIN matching
- How to prevent costly mistakes and avoid fines from IRS
- The difference between first and second B Notices and their required responses
What to Do After Receiving a B Notice: How to Protect Yourself
- B Notice deadlines: Avoid penalties and backup withholding exposure
- What you can do to negotiate a reduction in penalty or eliminate a penalty
- Leveraging the reasonable cause regulations
- Errors that cause B Notices: Tips to avoid future penalties
TIN Compliance Essentials: Keys to Prevent Errors and B Notices
- Critical guidelines on registering for the IRS TIN Matching system
- Stay in compliance: Common TIN errors your company needs to avoid
- Ensuring your Form W-9 compliance process is solid
- Best practices for managing 1099 reporting requirements
- Handling vendors that report incorrect information on W-9s
Answers to Your Important Questions
- What is TIN matching and why is it so important?
- What must you do if you receive a CP2100 notice from IRS, and how fast must you react to avoid additional penalties?
- What should you do if you receive a 972CG notice from the IRS?
- How can you prevent a penalty assessment?
About the Speaker
Miles Hutchinson is a CGMA 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 highly sought after professional speaker and consultant who has presented over 2,500 seminars and training sessions on a myriad of business and financial topics, including tax, regulatory compliance, financial analysis and financial modeling, accounting matters, strategic planning and compliance with the Sarbanes-Oxley Act.
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, the U.S. Navy and the U.S. Army.
After attending this 100-minute webinar, you’ll be equipped to develop a solid plan for regulatory compliance, efficiency improvements, standardized processes and accurate documentation.
You’ll also be able to ensure that your 1099s contain accurate information that matches IRS’s records - which can help you eliminate B Notices and dodge related problems down the line.
If you'd like this program customized for your organization, call us at 1-800-964-6033. We're certain we can fulfill your training needs, while making it fit in your budget!