W-9 Best Practices - v10 (Course Id 1693)

Taxes - Taxes for Course Id 1693

IRS Form W-9 requires organizations like yours to collect very specific information about your payees. Besides regulating withholding, payers must make sure that the forms are current, complete and accurate. How can you ensure a proper form that will not subject your company to penalties, interest or tax?

In this course, industry expert and corporate tax attorney Steven D. Mercatante Esq. takes a look some of the more common problems experienced by CPA’s, accounts payable, and tax departments related documenting and validating payee information using the IRS Form W-9. He not only identifies the issues, but offers solutions and best-practices for addressing them.

NASBA QAS - Text - Technical - NASBA Registry - IRS Enrolled Agents - 1693

Course Learning Objectives

• Discover processes for dealing with recent IRS changes to the Form W-9 and a discussion of the new Form 1099-NEC vs. the revamped 1099-MISC
• Develop policies for validating IRS Form W-9 and get record retention tips
• Identify strategies for dealing with Form W-9's when multiple names are provided, handling changes in payee information, validating exempt organization payees, and validating your W-9’s using the IRS TIN Match Program
• Discover practices to capture key W-9 data points for use in subsequent 1099 reporting
• Develop strategies for leveraging the W-9 in B-Notice situations
• Pinpoint steps that should be taken to handle W-9’s from problematic payees such as sole proprietors, single member LLC’s, partnerships, LLC’s owned by other entities, and corporations
• Discover backup withholding tips to make your job easier, including a detailed discussion of the Form 1099-NEC and 1099-MISC versus usage of Form 945

Chapter 1 - W-9 Best Practices

Introduction

Key W-9 Trouble Spots

When You Need to Update Forms W-9

W-9 Red Flags For Non-U.S. Payees

Why Use a W-9 to solicit TIN for 1099 Reporting?

Your Payee Refuses to Provide Their TIN on the W-9

W-9’s and the U.S. vs. Non-U.S. Debate

Validating the W-9: Watch Out for Corporations and LLC’s

The IRS TIN Match Program

Your Payee Claims To Be An Exempt Organization: What To Do

Backup Withholding And Reporting

B-Notice Response Best Practices

W-9 Record Retention Tips

Glossary