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TIN Matching helps the taxpayer determine whether the payee TIN/name combination written on their Form W-9, matches the TIN/name combination entered in IRS tax filing records, before filing.
This training is for anyone or any organization dealing with 1099-INT, 1099-PATR, 1099-B, 199-DIV, 1099-MISC, 1099-K, or 1099-OID. We will discuss the best practices to eliminate IRS 1099 error notices.
You will discover the power of the TIN Matching system, and what happens if you enter incorrect information. We will explain the smartest way to register and use the two-step verification process for TIN matching.
This webinar will provide guidance on how to reply to the CP-2100 notices. We'll discuss the tricks to avoid the fines & penalties due to the non-compliance with the B-Notice requirements.
You will learn to differentiate between 1st and 2nd B-Notice and how the required vendor responses are different. You will be well-prepared to institute and stop Backup Withholding whenever required.
For many years, the IRS has placed the burden on businesses, non-profits, and not-for-profits as well as all levels of government to report information about taxable payments they make to their vendors and customers.
To more accurately match your information reporting to taxpayer’s returns, they have introduced an “e-services” portal to help you ensure the payee names and tax identification numbers provided to us by your payees match the IRS records. When used properly, this system can reduce the risk of warning letters (CP-2100s/B-Notices), backup withholding, and penalty notices (972-CGs) from the IRS.
Join Clatid for an information-packed session to gain the tools to make you the most effective information return manager your company has ever seen!
What happens if you file incorrect name and ID numbers on your 1099? How can you ensure your vendor’s W-9’s and W-4's are correct?
IRS Notice 972CG outlines accrued penalties to be automatically generated and expected to be sent approximately one year after the receipt of a Notice CP2100 or CP2100A.
You can now develop a solid plan to move your company toward near-absolute regulatory compliance, efficiency improvements, standardized processes, robust account opening procedures & adequate documentation to ensure your 1099’s contain accurate information that will agree with the IRS’s records.
-What's TIN Matching, what's the point of the TIN Matching System?
-How does the TIN Matching System work and who must request access to it?
-How can you register to use the system, including the 2-step verification system and the appropriate account opening procedure?
-What are the best practices for managing 1099 reporting requirements?
-How can you comply with all B Notice provisions documented in IRS Publication 1281?
-How to avoid filing errors?
-Form W-9: What's its role and why is it important?
-How do you deal with vendors who report incorrect information on their W-4’s and W-9's?
-How do we leverage the Reasonable Cause Regulations?
-B-Notices: when do you receive a letter from the IRS stating you've inaccurate names/TINS on my 1099’s?
-What must you do when you receive B-Notices and what are the deadlines?
-What if you receive a Notice of Proposed Penalty?
-How do we negotiate a reduction or eliminate the penalty?
-How does TIN Matching impact the battle to reduce proposed penalties?
-How backup withholding occurs on accounts that do not comply with the TIN request?
Controllers
CFOs
Compliance Managers
Accounts Payable Managers
Accounting Managers
Any institution that makes reports on forms 1099-INT, 1099-PATR, 1099-B, 199-DIV, 1099-MISC, 1099-K & 1099-OID
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, 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, the FBI, GE, Pfizer, Siemens, and the US Marine Corps.
Clatid is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for 2.0 PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please portal.shrm.org.
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