W-9 Best Practices (Currently Unavailable)

Author: Steven D. Mercatante

IRS Form W-9 requires organizations like yours to collect very specific information about your payees. Besides regulating withholding, payers must make sure that the forms are current, complete and accurate. How can you ensure a proper form that will not subject your company to penalties, interest or tax?

In this course, industry expert and corporate tax attorney Steven D. Mercatante Esq. takes a look some of the more common problems experienced by CPA’s, accounts payable, and tax departments related documenting and validating payee information using the IRS Form W-9. He not only identifies the issues, but offers solutions and best-practices for addressing them.

Those making certain payments to non-employees must regularly deal with Forms W-9 detailing specific information about the payee. Beyond regulating withholding, payers must make sure that the forms are current, complete and accurate. This course will help you ensure a proper form that will not subject your company to penalties, interest or tax. At the completion of this course you will have the tools necessary to evaluate the Form W-9.

Publication Date: December 2020

Topics Covered

• What's New
• W”9 Due Diligence
• Validating W”9 Data
• Watch Out For The Middleman
• Backup Withholding Tips
• W”9/W”8 Data Collection & Validation
• W”9/W”8 Data Collection & Validation Can Flow Together: Presumptions
• Have A W”9/W”8 Framework In Place Or Face Consequences
• W”9/W”8 Payee/Payment In Practice
• Who Is My Payee Non”U.S. Status Red Flags
• Who Is My Payee
• Protect Yourself

Learning Objectives

• Discover processes for dealing with recent IRS changes to the Form W-9 and a discussion of the new Form 1099-NEC vs. the revamped 1099-MISC
• Describe policies for validating IRS Form W-9 and get record retention tips
• Identify strategies for dealing with Form W-9's when multiple names are provided, handling changes in payee information, validating exempt organization payees, and validating your W-9's using the IRS TIN Match Program
• Recognize how to develop strategies for leveraging the W-9 in B-Notice situations
• Recognize how to pinpoint steps that should be taken to handle W-9's from problematic payees such as sole proprietors, single member LLC's, partnerships, LLC's owned by other entities, and corporations
• Discover backup withholding tips to make your job easier, including a detailed discussion of the Form 1099-NEC and 1099-MISC versus usage of Form 945

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None