IRS TIN Verification, Backup Withholding, B-Notice, and Penalty Notice Processing Best Practices - v10 (Course Id 1689)

Taxes - Taxes for Course Id 1689

IRS due diligence rules are more complicated than ever. 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 due diligence mistakes while breaking down the toughest IRS backup withholding, TIN verification, B-Notice, and Penalty Notice response situations.

In this 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 - 1689

Course Learning Objectives

• Understand 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 changes in the law involving the new Form 1099-NEC and revamped 1099-MISC as well as backup withholding tips to make your job easier, including a detailed discussion of the Form 1099-MISC Box 4 and Form 1099-NEC backup withholding versus usage of Form 945
• Learn tips for avoiding painful mistakes when handling negative IRS interactions
• 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 - IRS TIN Verification, Backup Withholding, B-Notice, and Penalty Notice Processing Best Practices

Introduction

Form 1099-NEC vs. The Form 1099-MISC

Getting the Form W-9 Right

The W-9 to Solicit Payee TINs for 1099 Reporting

Form W-9 Solicitation Tips

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

Corporations and LLC�s That May Be Form 1099 Reportable

Payments Ostensibly Exempt From Form 1099 Filing

Tips on Identifying Your 1099 Reportable Payee

Evaluating Claims Your Payee is Exempt From 1099 Reporting

the IRS TIN Match Program

Three or More Parties in the 1099 Reportable Transaction

W-2 or 1099 Reportable Reimbursed Expenses

Get Your Year Right When it Comes to Form 1099 Reporting

Backup Withholding And Reporting

B-Notice Response Best Practices

Proposed Penalty Notice Avoidance and Abatement Strategies

Glossary