Avoiding IRS Filing and Compliance Penalties - v10 (Course Id 1679)

Taxes - Taxes for Course Id 1679

Recent IRS budgets have devoted vastly greater resources to enforcement. Whether you are new or seeking an update this course will provide CPA’s, Accounts Payable, Payroll, and Tax professionals with plain English guidance to help minimize filing and compliance mistakes while breaking down the toughest IRS backup withholding, TIN verification, B-Notice, and Penalty Notice response situations so your organization and clients can better avoid IRS penalties.

In this CPE course, 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.

NASBA QAS - Text - Technical - NASBA Registry - IRS Enrolled Agents - 1679

Course Learning Objectives

• Break down IRS B-Notice and Penalty Notice response procedures and learn the best approach to handling each of these unique situations while avoiding or getting IRS penalties waived
• Identify TIN validation best practices with a focus on situations when multiple names are provided, handling undocumented payees, exempt organization payees, and IRS TIN Match Program best practices
• Discover what the IRS recently changed in regards to Form 1099-MISC reporting vis a vis the new draft Form 1099-NEC and get backup withholding tips to make your job easier, including a detailed discussion of the Form 1099-MISC Box 4 versus usage of Form 945
• Respond to filing mistakes by following proper corrections procedures
• Recognize how to leverage the IRS Form W-9 to identify the reportable payee in situations most likely to lead to penalty such as when you pay: sole proprietors, LLCs, payee's merged or bought by another, S-Corps, exempt organizations, agents, or middlemen

Chapter 1 - Avoiding IRS Filing and Compliance Penalties

Introduction

The new Form 1099-NEC and Revamped Form 1099-MISC

Filing Forms 1099 Correctly Starts With Getting the Form W-9 Right

Make Sure To Use The W-9 to Solicit Payee TINs for 1099 Reporting

Form W-9 Solicitation Tips to Ensure You Capture Form 1099 Payee Data

Your Payee Refuses to Provide Their TIN on the W-9 – Here’s What To Do

Validating the W-9: Watch Out for Corporations and LLC’s That May Be Form 1099 Reportable

Watch Out for Payment Ostensibly Exempt From Form 1099 Filing

Tips on Identifying Your 1099 Reportable Payee

Validating Form W-9 Data and Evaluating Claims Your Payee is Exempt From 1099 Reporting

Using the IRS TIN Match Program to Clean Up Your Files Prior to Form 1099 Reporting

Three or More Parties Involved in the Potential 1099 Reportable Transaction: Be Careful

Watch Out For Potential W-2 or 1099 Reportable Reimbursed Expenses

Get Your Year Right When 1099 Reporting

Backup Withholding and Reporting

B-Notice Response Best Practices

IRS Form 972-CG Proposed Penalty Notice Avoidance and Abatement Strategies

Corrections Do’s and Don’ts to Minimize the Chances of Incurring 1099 Filing Penalties

Glossary