W-9 Documentation and Validation Do's and Dont's (Completed)

NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card

The W-9 is where it all starts in terms of contractor payee documentation and reporting. If you are validating 1099 reportable payments and payees, you supervise 1099 compliance and want to streamline your W-9 due diligence procedures prior to 1099 filing, or if you are a CPA and would benefit from assistance validating Forms W-9 prior to filing, this is the course for you.

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.

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-9s due to Payees
• WHEN should W-9s 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

• Identify processes for dealing with the Form W-9, TIN solicitation, and a discussion of the Form 1099-NEC vs. the 1099-MISC
• Recognize and apply policies for validating IRS Form W-9 and get record retention tips
• Identify strategies for dealing with Form W-9s when multiple names are provided, handling changes in payee information, validating exempt organization payees, and validating your W-9s using the IRS TIN Match Program
• Describe practices to capture key W-9 data points for use in subsequent 1099 reporting
• 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-9s from problematic payees such as sole proprietors, single member LLCs, partnerships, LLCs owned by other entities, and corporations
• Identify 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