Want to avoid IRS penalties for mistakes on Form 1099? Yes, make sure the staff has exercised due diligence. Due Diligence involves a written Plan, training staff, and monitoring staff to determine if they have followed the plan. The Plan for accurate Form 1099 is the development of procedures for an accurate Form W-9. Most mistakes that the IRS identifies on the Form 1099, originates in failure to follow W-9 procedures. IRS penalties not only cost money but also take up valuable time which translates to money.
This course is designed to develop a plan and train and monitor staff to achieve due diligence.