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  • 1099 and W-9 Annual Update

    Product id IQW15C8852
Speaker Miles Hutchinson
Level Basic & Intermediate
Duration 90 Mins
Schedule Thursday, August 24, 2017 | 12:00 PM PDT | 03:00 PM EDT
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  • Description
  • Why should you attend
  • Areas covered
  • Who will benefit
  • Speaker

Description

What are the rules regarding paying and IRS reporting on Independent Contractors?  How do we avoid the IRS CP-2100 (B-Notices)? What if our vendor/payee claims exemption; must we obtain a W-9 anyway?  What are the best practices for handling our information reporting obligations? How can we minimize the risk of improper exemption claims by our payees and vendors? Get the answers to these and related questions to reduce your risk of huge penalties from the IRS.
For years the IRS has struggled with the independent contractor and tax collection. In assessing opportunities to close the tax gap (taxes due but not reported or paid), one of the greatest opportunities comes from expanding the information reporting on taxpayers by payers - the 1099. This time-consuming reporting obligation can be streamlined in a number of ways. Join us to learn more.

Why should you attend

Learn the rules requiring W-9 documentation and 1099 reporting for various types of Forms 1099 including interest, dividends, PATR, real estate transactions, and the famous Form 1099-Misc. Learn how to establish the independent contractor relationship with the right documentation. Understand the rules and keep your company in compliance. Ensure that your records will stand the scrutiny of an IRS 3rd Party Documentation and Reporting audit. Avoid the onerous penalties for noncompliance and build the best defense against the 972-CG Notice of Proposed Penalty Letter.

Areas covered

In just 90 minutes you will gain the following insights:
  • Starter Question: How can we best set up an independent contractor in our vendor payment system to ensure compliance with the IRS reporting rules
  • Protocols for setting up new vendors (ICs)
  • When to require a Form W-9
  • How to test the accuracy of the W-9 information with the IRS's records - for free
  • Who and what you pay determines whether you must report (1099 reporting)
  • Forms to use to document your independent contractor as reportable or non-reportable
  • Required governmental reporting on ICs
  • Form 1099-Misc - guidelines for proper use and classification of diverse payments on this form
  • Best practices for filing 1099s with the IRS - TIP: never file early
  • The government wants to remove the exemptions - what this means to you

Who will benefit

  • Bank Managers
  • Compliance Officers
  • Information Reporting Officers
  • Tax Managers
  • CFOs
  • Controllers
  • Accounting Managers
  • Auditors
  • IT Managers
  • Risk Managers
  • All types of entities including For Profit, Not for Profit, Government (Federal and State) - everyone who hires an independent contractor has reporting obligations
  • AICPA, CGMA, IOMA, TAPN

Speaker

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 highly sought after professional speaker and consultant who has presented over 1000 seminars and training sessions on a myriad of business and financial topics, such as financial analysis and modeling, accounting matters, strategic planning, and compliance with the Sarbanes-Oxley Act. His clients include Abbott Labs, Citicorp, the FBI, GE, Pfizer and the US Marine Corps.