When Is 1099 Back-Up Backup Withholding Required? (Completed)

Date: Tuesday, May 11, 2021
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 due diligence rules are more complicated than ever. Whether you are new or seeking an update this course will provide CPA’s, Accounts Payable, Payroll, and Tax professionals with plain English guidance to help break down IRS backup withholding and B-Notice situations.

The program will discuss the solicitation process including solicitation using and analyzing Form W-9, annual solicitations, B-notices and solicitations in response to IRS notices, and what to do when the vendor does not provide a TIN or provides an incorrect TIN. It will also cover how the IRS TIN Match system matches names and numbers and how you can leverage this assistance in preparing submissions to prevent false positive or negative responses from the system. It will cover how to submit TINs for verification and what to do when the system indicates a mismatch between the name and number of the vendor. This includes discussing procedures the payer must follow in issuing B-Notices to payees as well as the establishment of procedures for proper administration of backup withholding.

Who Should Attend
If you struggle to understand when and how to 1099 backup withhold, your department has no few or no backup withholding procedures in place, or if you want to be prepared in case of audit.

Topics Covered

  • Reminders and what's new
  • IRS TIN matching process
  • Penalty abatement tips
  • Establishing reasonable cause
  • TIN solicitation best practices
  • TIN verification guidance
  • B-Notice response do's and don'ts

Learning Objectives

  • Identify the solicitation process including solicitation using and analyzing Form W-9, annual solicitations, B-notices and solicitations in response to IRS notices, and what to do when the vendor does not provide a TIN or provides an incorrect TIN
  • Recognize how the IRS TIN Match system matches names and numbers and how you can leverage this assistance in preparing submissions to prevent false positive or negative responses from the system

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

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