W-9 & 1099 Update (including the new Form 1099-NEC)

For years the IRS has struggled with non-compliance by an independent contractor and their tax payments.  In assessing opportunities to close the tax gap (taxes due but not reported or paid), one of the greatest opportunities comes from expanding information reporting on taxpayers by payors – using forms 1099.  For 2020 the IRS has added another form – the 1099-NEC.  This time-consuming reporting obligation can be streamlined in a number of ways.  Join us to learn more…

Why Should You Attend:

What are the rules regarding IRS reporting on payments to Independent Contractors?  How do I avoid the IRS CP-2100 (B-Notices)? When my vendor claims exemption from reporting; must I obtain a W-9 anyway?  What are the best practices for complying with the IRS rules? How can I minimize risk of improper exemption claims by my vendors? Get the answers to these and related questions to reduce your risk of huge penalties from the IRS. 

Learn the rules requiring W-9 documentation and 1099 reporting of self-employment compensation to your independent contractors.  Ensure that your records will stand the scrutiny of an IRS Third Party Documentation and Reporting audit.  Build the best defense against the 972-CG “Notice of Proposed Penalty” letter and avoid the onerous penalties for noncompliance.

Areas Covered in the Seminar:

In just sixty minutes you will gain the following insights:

• When to require a Form W-9
• How to efficiently collect Forms W-9
• How to test the accuracy of the W-9 information with the IRS’s records – for free!
• The quickest and most efficient way to analyze your vendors to determine whether you must apply the 1099 reporting requirements
• Completing the forms to document your independent contractor as reportable or non-reportable
• How to comply with required governmental reporting of Independent Contractors
• Form 1099-NEC – guidelines for proper use and classification of diverse payments on this form
• Filing timely – why the IRS re-introduced this form

Who Will Benefit:

• Bank Managers
• Compliance Officers
• Information Reporting Officers
• Tax Managers
• CFOs
• Controllers
• Accounting Managers
• Auditors
• IT Managers
• Compliance Managers
• Risk Managers

Speaker(s)

Miles Hutchinson, CGMA

Miles Hutchinson is a CGMA and experienced businessman. He has been an auditor with PriceWaterhouseCoopers and the Chief Financial Officer of a $1 billion real estate development company. Miles is a professional speaker and consultant who has presented over 2,700 seminars and training sessions on a myriad of business and financial topics, like financial analysis and modeling, accounting, strategic planning, and compliance with the Sarbanes-Oxley Act. He is recognized as an expert in payroll and sales & use tax as well as financial modeling & analysis, business strategy and communications. He is the author of several useful accounting and tax tools available at www.soxpolicies.com and www.salestaxadvisors.com. His clients include, Abbott Labs, Bank of America, Boston Scientific, Citicorp, Corning, the FBI, the FDA, the Federal Reserve, GE, Pfizer, Siemens, US Marine Corps, and the US Army. Please visit his web sites to see how you can further benefit from his expertise.

CEUs

Compliance Prime is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: https://www.nasbaregistry.org.

Credits: 1.5

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