W-9 & 1099 Updates: Comply with Latest IRS Reporting Guidelines
It’s not always clear when a W-9 and 1099 are required, and what the current reporting obligations are!
How can you avoid the IRS CP-2100 (B-Notices)? What if your vendor/payee claims exemption; must you obtain a W-9? What are the best practices for handling your information reporting obligations?
Get the answers to these and related questions to reduce your risk of huge penalties from the IRS. We’ll cover the latest 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. In our 90-minute program we’ll discuss:
- W-9 documentation and reporting for various 1099 forms
- Documentation that establishes the independent contractor relationship
- How to ensure your records will stand the scrutiny of an IRS 3rd Party audit
- Policies and best practices to avoid penalties for noncompliance
- Build the best defense against the 972-CG Notice of Proposed Penalty Letter
Guidelines to Keep Employers Compliant – and Penalty Free
- Critical IRS tax revenue issues
- Guidelines for W-9 disclosures and 1099 reporting
- When and how to handle back-up withholding
- When you must electronically file your information returns
- Update on the latest changes to the forms, deadlines and penalties
- What to look for when using P-cards
- How FATCA affects information reporting for U.S. persons
Form W-9 Compliance and Submitting Forms 1099
- How to test the accuracy of the W-9 information with the IRS’s records
- When signatures are required on Form W-9
- When to require a Form W-9 v. Form W-4 v. Forms W-8
- Form 1099-Misc – proper use and classification of diverse payments
- Best practices for filing 1099s with the IRS: Hint - never file early
- How Form 1099-K affects reporting on credit card payments
Live Question & Answer Session - Have your questions answered by the expert!
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 3,000 seminars and training sessions on a myriad of business and financial topics, such as tax, financial analysis and modeling, accounting matters, strategic planning, and compliance with the Sarbanes-Oxley Act.
- His clients include, Abbott Labs, BASF, Citicorp, Corning, the FBI, Mitsubishi, Pfizer, Siemens, and the US Marine Corps.
Join us for the latest changes to Forms W-9 and 1099, plus understand when they are needed, and your reporting obligations to the IRS.