Want to avoid IRS penalties for mistakes on Form 1099? Yes, make sure staff has exercised due diligence. Due Diligence involves a written Plan, training staff, and monitoring staff to determine if they have followed the plan. The Plan for accurate Forms 1099 is the development of procedures for an accurate Form W-9. Most mistakes that the IRS identifies on the Form 1099, originates in failure to follow W-9 procedures. IRS penalties not only cost money but also take up valuable time which translates to money.
WHY SHOULD YOU ATTEND?
This course is designed to develop a plan and train and monitor staff to achieve due diligence.
AREA COVERED
- Due Diligence best practices steps
- Most common mismatch problems
- How is a name/TIN mismatch identified
- Use of IRS e-services to avoid mismatches
- Review of W-9 solicitation requirements
- Step by step review of Forms W-9
- 2016 penalty increases against form 1099 preparer
- Resources for W-9 and 1099 compliance
LEARNING OBJECTIVES
- Most common Form 1099 mistakes, development of best practices manual, A Plan
- Contents of best practices manual
- Duties of your W-9 expert
- W-9 compliance steps
- Identifying types of payments requiring a Form 1099
- Identifying types of companies requiring a Form 1099
- Maintaining records to prove due diligence was exercised
WHO WILL BENEFIT?
- CPA, Attorney, EA Firms and Staff
- Firm Accounts Payable Management or Staff
- Owners, Shareholders of Small Businesses and Staff
- Corporate Controllers, Accounts Payable, Financial Managers & Staff
- Non-profit Controllers, Accounts Payable, Staff
This course is designed to develop a plan and train and monitor staff to achieve due diligence.
- Due Diligence best practices steps
- Most common mismatch problems
- How is a name/TIN mismatch identified
- Use of IRS e-services to avoid mismatches
- Review of W-9 solicitation requirements
- Step by step review of Forms W-9
- 2016 penalty increases against form 1099 preparer
- Resources for W-9 and 1099 compliance
- Most common Form 1099 mistakes, development of best practices manual, A Plan
- Contents of best practices manual
- Duties of your W-9 expert
- W-9 compliance steps
- Identifying types of payments requiring a Form 1099
- Identifying types of companies requiring a Form 1099
- Maintaining records to prove due diligence was exercised
- CPA, Attorney, EA Firms and Staff
- Firm Accounts Payable Management or Staff
- Owners, Shareholders of Small Businesses and Staff
- Corporate Controllers, Accounts Payable, Financial Managers & Staff
- Non-profit Controllers, Accounts Payable, Staff
