TIN Verification and B Notices: How to Avoid Costly Mistakes and Penalties
IRS provides an electronic system to help ensure that the names and Tax Identification Numbers (TINs) payees provide to you match IRS records.
This system can reduce your risk of receiving warning letters (B Notices) and penalty notices (972CGs) from IRS. However if its used incorrectly, 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 100-minute, IRS compliance-based program, we'll share TIN Matching system best practices that can help you prevent costly 1099 reporting errors. We'll also reveal how you can effectively handle B Notices to avoid costly fines and penalties. Join us to learn:
- Guidelines for accurately registering with the TIN Matching system
- Methods to perform electronic name and TIN matching
- How to prevent costly mistakes and avoid fines from IRS
- Difference between first and second B Notices and their required responses
What to Do if You Receive 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 a penalty or eliminate a penalty
- Leveraging the reasonable cause regulations
- Errors that cause B Notices: Tips to avoid future penalties
- What you should do if you receive a 972CG notice from the IRS
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?
Question and Answer Session - Your specific questions will be addressed!
About the Speaker
Tricia Richardson, CPP, SPHR, SHRM-SCP has more than 25 years of experience in all aspects of workforce management (payroll processing, taxation, employee handbooks, human resources, benefits, etc.). Tricia is a Payroll and Human Resource “nerd” who enjoys reading Internal Revenue Code.
- She has a Bachelor of Science in Management Studies from the University of Maryland University College. She is a Certified Payroll Professional (CPP) through the American Payroll Association (APA), a Senior Professional in Human Resources (SPHR) through the HR Certification Institute, as well as a Society for Human Resource Management Senior Certified Professional (SHRM-SCP).
- Tricia is a Member of the National Speakers Bureau for the American Payroll Association and a Contributing Writer to Paytech Magazine, a regular periodical provided to over 20,000 Members.
- For the Susquehanna Valley Chapter of the American Payroll Association, she has taught for both the Payroll and Human Resource Certification Study Groups and has served as both the Vice President and President of the Chapter. She also served on the Program Committee of the Human Resource Professionals of Central PA and as the Treasurer of a York County Pennsylvania Non-Profit Association.
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!
Premier Learning Solutions is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CP® or SHRM-SCP®. This program is valid for 1 PDCs for the SHRM-CP® or SHRM-SCP®. For more information about certification or recertification, please visit www.shrmcertification.org.
This program has been approved for 1 (HR (General)) recertification credit hour toward aPHRTM, aPHRiTM, PHR®, PHRca®, SPHR®, GPHR®, PHRiTM and SPHRiTM recertification through the HR Certification Institute. Learn more at hrci.org