W-9 Best Practices (Completed)

Date: Wednesday, December 2, 2020
Instructor: Steven D. Mercatante
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

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.

Topics Covered

  • Filing Dates
  • Increased Penalties
  • WHO should receive a W-9
  • WHO is responsible for the accuracy of W-9 information
  • WHAT does "disregarded entity" mean
  • WHAT is the importance of "tax classification"
  • WHEN are W-9's due to Payees
  • WHEN should W-9's be rejected & re-sent to Payees
  • HOW can I avoid name & TIN mismatch problems that lead to backup withholding and B-Notices
  • Verify TIN, EIN, SSN with IRS e-services
  • Verify the correctness of W-9 information
  • When to backup withhold and how
  • Tips on avoiding IRS penalties and handling IRS B-Notices

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
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

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