Webinar: Form 1099 & W-9 Update - Complying with IRS Information Reporting Guidelines When: Tuesday May 11, 2021 - 01:00 PM EST Duration: 60 Minutes.
This IRS regulatory compliance training will focus on the rules requiring W-9 documentation and 1099 reporting. Attendees will learn the best practices to ensure compliance with IRS and avoid B-Notices.
Areas Covered in the Webinar:
How can we best set up an independent contractor or bank customer in our 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
Review the current Form W-9 (released October 2018, or newer if applicable)
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.
Contact Person: SAM