TrainBanking

1099 & W-9 Update - Complying with IRS Information Reporting Guidelines

This IRS regulatory compliance training will focus on the rules requiring W-9 documentation and 1099 reporting. Attendees will learn the best practices to ensure compliance with IRS and avoid B-Notices.

Live Online Training
December 16, Wednesday 09:00 AM PST | 12:00 PM EST (90 Min)

$199.00
One Dial-in One Attendee
$499.00
Group-Max. 10 Attendees/Location
(For multiple locations contact Customer Care)

Recorded Version

$249.00
1x Person - Unlimited viewing for 6 Months (For multiple locations contact Customer Care)
Recorded Link and Ref. material will be available in My Account Section 48 hrs after completion of Live training

Training CD / USB Drive

$349.00
One CD/USB is for usage in one location only.
(For multiple locations contact Customer Care)
CD/USB and Ref. material will be shipped within 15 business days after completion of Live training
Customer Care

Fax: +1-650-362-2367

Email: customercare@trainbanking.com

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Why Should You Attend:
  • What are the rules regarding paying and IRS reporting on Independent Contractors?
  • How do I avoid the IRS CP-2100 (B-Notices)?
  • What if my vendor claims exemption; must I obtain a W-9 anyway?
  • What are the 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. This webinar will cover 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. 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.

Areas Covered in the Webinar:

In just 90 minutes you will gain the following insights:

  • 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 a Form W-9
  • 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 1099s with the IRS – TIP: never file early!
  • The government wants to remove the exemptions – what this means to you
Recently Asked Questions:
  1. When dealing with parent/child relationships on the form W9 – is it correct to apply payments to the TIN & Filing status to the parent company and not the child? For example: The child company is an LLC but the parent is incorporated.
  2. Is there a good source to validate name and EIN number?
  3. In the case of an insurance agency and an E&O claim where the agency has paid a customer, does that need to be reported on a 1099? If so, which form & which box
  4. Per CA Workers' Comp laws, we cannot delay payments. How would you recommend us handle the missing W9 for services, which conflicts with CA law of not withholding payments?
  5. 1099 NEC new form...independent contractors? will need to flagged differently in your software system for reporting?
  6. What is the best practice when no W-9 is presented
  7. How does the TIN Match system work
  8. What if the TIN begins with “98”
  9. Are electronic signatures acceptable
  10. How does FATCA affect the 1099 world
  11. Does backup withholding always apply to payments reported on certain Forms 1099
Who Will Benefit:
  • 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
Instructor Profile:
Miles Hutchinson Miles Hutchinson

President, Sales Tax Advisors Inc

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. Mr. Hutchinson is a professional speaker and consultant who has presented over 2,000 seminars and training sessions on myriad business and financial topics, like financial analysis and modeling, accounting, strategic planning, and compliance with the Sarbanes-Oxley Act. He is recognized as an expert in payroll, and sales and use tax as well as financial modeling and analysis, business strategy and communications.

He is the author of several useful accounting 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.

Topic Background:

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 payors – the 1099. This time consuming reporting obligation can be streamlined in a number of ways.

Refund Policy

Registrants may cancel up to two working days prior to the course start date and will receive a letter of credit to be used towards a future course up to one year from date of issuance. TrainBanking would process/provide refund if the Live Webinar has been cancelled. The attendee could choose between the recorded version of the webinar or refund for any cancelled webinar. Refunds will not be given to participants who do not show up for the webinar. On-Demand Recordings can be requested in exchange.

Webinar may be cancelled due to lack of enrolment or unavoidable factors. Registrants will be notified 24hours in advance if a cancellation occurs. Substitutions can happen any time.

If you have any concern about the content of the webinar and not satisfied please contact us at below email or by call mentioning your feedback for resolution of the matter.

We respect feedback/opinions of our customers which enables us to improve our products and services. To contact us please email customercare@trainbanking.com call +1-888-771-6965 (Toll Free).

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