W-9 &1099 Information Reporting Regulatory Update

Author: Miles Hutchinson

Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2027 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

For years the IRS has struggled with the independent contractor and tax collection. In assessing opportunities to close the tax gap (taxes due but not reported or paid), one of the greatest opportunities comes from expanding the information reporting on taxpayers by payors – the 1099. This time consuming reporting obligation can be streamlined in a number of ways. Join us to learn more.

Publication Date: December 2024

Designed For
Bank Managers, Compliance Officers, Information Reporting Officers, Tax Managers, CFOs, Controllers, Accounting Managers, Auditors, IT Managers, Compliance Managers, and Risk Managers.

Topics Covered

• IRS Tax Revenue Issues
• Basic guidelines for W-9 Disclosures and 1099 Reporting
• Backup Withholding
• Review of Form 1099-Misc & 1099-NEC
• P-Cards & form 1099-K
• Electronic Transmission to Payees
• Electronic Submission to IRS
• Avoiding Penalties

Learning Objectives

• Identify rules requiring W-9 documentation and 1099 reporting
• Recognize how to establish the independent contractor relationship with the right documentation
• Recognize the rules and keep your company in compliance
• Describe how to ensure your records will stand the scrutiny of an IRS 3rd Party Documentation and Reporting audit
• Identify how to avoid the onerous penalties for noncompliance and build the best defense against the 972-CG Notice of Proposed Penalty Letter

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic knowledge of 1099 and W-9.

Advance Preparation
None