1099 Changes and Best Practices

The start date for this course has passed. Registration is no longer available.

This course is 2.00 credits
Field of Study
Tax
Course Level
Basic
Vendor
BPN, Inc ACPEN

Registration Fees

MSCPA-AICPA Member
$85.00
MSCPA Member
$85.00
AICPA Member
$115.00
Non-Member
$115.00
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Friday, Dec 6, 2019
11:00am – 1:00pm

Understanding the Form 1099 reporting and backup withholding requirements has become critical in light of the two most recent reports from the Treasury Inspector General for Tax Administration (TIGTA), whose audits discovered several billions of dollars in backup withholding failures. In response to these reports, the IRS has announced backup withholding compliance initiatives. This session addresses IRS Form 1099 reporting and backup withholding requirements with a detailed review of Form W-9 and overview of Form 1042-S foreign reporting requirements.
Understanding the Form 1099 reporting and backup withholding requirements has become critical in light of the two most recent reports from the Treasury Inspector General for Tax Administration (TIGTA), whose audits discovered several billions of dollars in backup withholding failures. In response to these reports, the IRS has announced backup withholding compliance initiatives. This session addresses IRS Form 1099 reporting and backup withholding requirements with a detailed review of Form W-9 and overview of Form 1042-S foreign reporting requirements.

Designed For

Anyone who makes payments in the course of a trade or business; CPAs; Accountants; Accounts Payable personnel

Course Objectives

Participants will walk away with an understanding of the basic requirements for name and TIN solicitation, backup withholding and reporting of payments

Major Subjects

Understand the role of the Form W-9 in obtaining correct taxpayer identification information Recognize the triggers for backup withholding 24% of a payment in US federal income taxes Appreciate the role of the IRS's TIN Matching System in avoiding payee name-TIN mismatches and helping to prevent B Notice lists and proposed penalty notices Identify the basic rules for withholding 30% tax from and reporting payments to foreign vendors on Form 1042-S

Prerequisites

None

The start date for this course has passed. Registration is no longer available.