When Is 1099 Backup Withholding Required
Date: Tuesday, June 3, 2025
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 |
|
NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
Having a good firm understanding of the basics of 1099 backup withholding is critical. Too often, when responsibility for 1099 issues like backup withholding are assigned to a experienced accounting or accounts payable professional, it is assumed they can handle it – even though they’ve never done it before. They are not given any training to understand the basics, never mind deal with the onslaught of changes that come each fall. And let’s face it; 1099 reporting and backup withholding is not intuitive!
This session is designed to help everyone – both newcomers and seasoned pros understand what 1099 backup withholding is, why it is important, and what could happen to your company if it is not done. In this information-packed program you’ll gain a broad understanding of Form 1099 backup withholding, with special focus on the Forms 1099-NEC and 1099-MISC, the most commonly used forms for 1099 reporting withholding. You’ll learn the key elements needed to comply with IRS requirements and discover how best to respond to the IRS.
Topics Covered
- Discover the advantages of IRS e-services
- Verify TIN, EIN, SSN with IRS e-services
- Train staff to verify the correctness of W-9 information
- Train staff when to backup withhold
- Most common mistakes on 1099’s
- Tips on avoiding IRS penalties
- Importance of Procedural Manual & staff training
Learning Objectives
- Understand the key elements that make for successful 1099 backup withholding
- Implement what you are required to do to backup withhold
- Recognize when backup withholding must be performed
- Collect the right information you need from your payee to properly backup withhold
- Use the W-9 to collect the correct information and verify your attempts to avoid backup withholding
- Know when you are required to obtain a signed W-9
- Use the IRS TIN Matching Program to help you ensure the information you have is correct
Level
Basic
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
