The 1099 & W-9 Annual Update Course

Product Id IQW15C6284
Level Basic & Intermediate
Duration 90 Mins
Schedule Wednesday, October 31, 2018 |09:00 AM PDT | 12:00 PM EDT
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  • Description
  • Why should you attend
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  • Who will benefit
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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… 

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.

In just ninety 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 payees and vendors (ICs)
• When to require a Form W-9 v. Form W-4 v. Forms W-8
• 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)
• When and how to handle back-up withholding
• When signatures are required on Form W-9
• Update on the latest changes to the forms, deadlines and penalties
• When you must electronically file your information returns
• How to set up electronic reporting to your payees
• Form 1099-Misc – detailed guidelines for proper use and classification of diverse payments on this form
• How Merchant Card reporting on Form 1099-K affects your reporting on credit card payments
• How FATCA affects information reporting for U.S. persons
• Best practices for filing 1099s with the IRS – TIP: never file early!
• The government wants to remove the exemptions – what this means to you
 
• Bank Managers
• Compliance Officers
• Information Reporting Officers
• Tax Managers
• CFOs
• Controllers
• Accounting Managers
• Auditors
• IT Managers
• Compliance 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
 

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.