Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2024 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
IRS backup withholding and B-Notice rules continue to cause confusion and lead to audit. This course will provide CPA’s, Accounts Payable, Payroll, and Tax professionals with plain English guidance to help minimize mistakes in processing IRS backup withholding, TIN verification, and B-Notice response situations.
In this program industry expert and corporate tax attorney Steven D. Mercatante Esq. takes a look some of the more difficult problems experienced by CPA’s and accounts payable and tax departments while identifying key issues and best-practices for addressing them.
Publication Date: September 2021
Topics Covered
- What's New
- The Rules of the Game
- 1099”MISC/NEC — What's New and Backup”Withholding
- The W”9 and Backup”Withholding
- Backup”Withholding Best Practices
- TIN Solicitation
- TIN Matching to Reduce B”Notices
- B”Notice Processing
- Penalty Notice Processing
Learning Objectives
- Identify how due diligence requirements involving backup withholding and B-Notice processing and how they work together
- Recognize if your department has not updated its B-Notice processing procedures in some time
- Describe B-Notice Processing steps and rules
- Recognize where Form 1099-NEC now requires payer made direct sales to be reported
- Identify what the IRS "eyeball test" allows you to do
- Describe which organization's employee's must be the first to sign up for the TIN Match Program, under IRS rules
- Recognize what you must do in response to a First B-Notice (CP2100) situation
- Identify what you should do if you do not have the payee's TIN
- Recognize what you should do in response to a Second B-Notice (CP2100) situation
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Steven D. Mercatante
Steven Mercatante is the principal and founder of TIR Consulting, LLC. He is a nationally recognized leader in tax reporting education and consulting on specialized compliance issues. He has conducted on-site consultation for corporate clients from across the world and led countless seminars and webinars for Convey Compliance Systems, IAPP, Balance Consulting, The Accounts Payable Network, Accounts Payable Now and Tomorrow, Progressive Business Conferences, The Center for Competitive Management, and more.
He is also a published author, with numerous articles published on tax and financial law, and he has authored and published a series of tax guides on topics such as: W-9/1099 & W-8/1042-S compliance and reporting, payment cards, U.S. State & Local Reporting, worker compensation issues, international tax compliance, and more.