To avoid IRS penalties for Form 1099 errors, you need to show due diligence: a written plan, trained staff and monitoring to confirm they follow it. Because most 1099 errors the IRS finds start with poor W-9 procedures, the plan begins with getting the W-9 right.
This 60-minute Form 1099 due diligence training covers best-practice steps, the most common mismatch problems, how name and TIN mismatches are identified, and how IRS e-services can prevent them.
You'll also review W-9 solicitation requirements and the form step by step, which payments and companies require a 1099, the contents of a best practices manual, the role of a W-9 expert, the 2016 preparer penalty increases and how to keep records proving due diligence.
WHY SHOULD YOU ATTEND?
IRS penalties cost money and staff time. This session helps you build a plan, train staff and monitor them so you can show the IRS you exercised due diligence.
It suits CPA, attorney and EA firms, accounts payable staff and managers, small business owners, corporate and non-profit controllers and financial managers.
AREA COVERED
- Due diligence best-practice steps
- Most common mismatch problems
- How name and TIN mismatches are identified
- Using IRS e-services to avoid mismatches
- W-9 solicitation requirements
- Step-by-step review of Form W-9
- The 2016 penalty increases for Form 1099 preparers
- Resources for W-9 and 1099 compliance
LEARNING OBJECTIVES
- Recognize the most common Form 1099 mistakes
- Develop a written due diligence plan and best practices manual
- Define the duties of your W-9 expert and follow W-9 compliance steps
- Identify which payments and companies require a Form 1099
- Keep records that prove due diligence was exercised
WHO WILL BENEFIT?
- CPA, Attorney, EA Firms and Staff
- Firm Accounts Payable Management or Staff
- Owners, Shareholders of Small Businesses and Staff
- Corporate Controllers, Accounts Payable, Financial Managers & Staff
- Non-profit Controllers, Accounts Payable, Staff
IRS penalties cost money and staff time. This session helps you build a plan, train staff and monitor them so you can show the IRS you exercised due diligence.
It suits CPA, attorney and EA firms, accounts payable staff and managers, small business owners, corporate and non-profit controllers and financial managers.
- Due diligence best-practice steps
- Most common mismatch problems
- How name and TIN mismatches are identified
- Using IRS e-services to avoid mismatches
- W-9 solicitation requirements
- Step-by-step review of Form W-9
- The 2016 penalty increases for Form 1099 preparers
- Resources for W-9 and 1099 compliance
- Recognize the most common Form 1099 mistakes
- Develop a written due diligence plan and best practices manual
- Define the duties of your W-9 expert and follow W-9 compliance steps
- Identify which payments and companies require a Form 1099
- Keep records that prove due diligence was exercised
- CPA, Attorney, EA Firms and Staff
- Firm Accounts Payable Management or Staff
- Owners, Shareholders of Small Businesses and Staff
- Corporate Controllers, Accounts Payable, Financial Managers & Staff
- Non-profit Controllers, Accounts Payable, Staff