2-Day Virtual Seminar Complete 1099, TIN Matching, B-Notice, FATCA and Nonresident Alien 1042-S Compliance Update

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Course Description

The average cost of a Notice of Proposed Penalty is estimated at US $150,000 including the penalty itself and the added costs for consultants, personnel, remediation of legacy records, etc. Compliance is far less expensive than the alternative.

  • Are you in compliance with the regulations surrounding data collection, backup withholding and information reporting?
  • How do you determine whether you can accept a W-9 from someone or if you must request a W-8 instead?
  • What if you send them a 1099 when you should have sent them a Form 1042-S?
  • How will you deal with an IRS demand for the backup withholding you failed to deduct from a Nonresident Alien’s (NRA’s) payments?

This seminar will focus on addressing these issues and many more compliance and regulatory issues pertaining to IRS forms 1099 and 1042-S. It will also address compliance with Title 26, CFR 1402(b) & (c), employee v. independent contractor distinction, and 1441 (withholding of tax on nonresident aliens and foreign corporations) mandates.

In this two day workshop, participants will learn how to identify independent contractors and non-resident aliens. We will analyze case studies to:

  • Ensure you fully understand the most efficient process
  • Communicate effectively with the payee to obtain correct and properly executed Form W-8 or W-9 from the payee
  • Determine whether and how much must be subjected to backup withholding
  • Confirm whether the name and tax ID of the payee match the IRS databases
  • Expedite the handling of your B-Notices
  • Fight a notice of proposed penalty

In addition, attendees will learn the best method to process 1099 and 1042-S reporting to both your payees and the IRS using best practices.

Due to the enactment of the Foreign Accounts Tax Compliance Act (FATCA), the course will address issues related to the use of forms W-9 and W-8 to comply with both Chapters 3 and 4 of the internal revenue code.

Through case study analysis, the presenter will illustrate best practices to maximize the performance of your current system. Additionally, case studies will also explore how your management practices can be improved to help ensure complete regulatory compliance.

Learning Objectives

On completing this course, participants will

  • Be well versed in the information reporting process
  • Understand the importance of obtaining forms W-9 or W-8 on all payees
  • Be able to reduce the amount of time and resources necessary to handle the company’s information reporting mandate
  • Be able to minimize the risk and effort involved in performing backup withholding
  • Improve the accuracy of their regulatory reporting process
  • Enhance the relationship between the company and clients/vendors, etc.
  • Be able to help reduce the company’s potential exposure to penalties for noncompliance with information reporting and withholding regulations
  • Have a clear action plan for implementing best practices for compliance

Who Will Benefit

Individuals with regulatory or quality management systems responsibilities for making general improvements in their organization’s performance specifically related to regulatory compliance will find this course a must attend. This includes the following professionals:

  • Regulatory professionals
  • Information reporting officers
  • Certified payroll professionals
  • Compliance professionals
  • Tax professionals
  • Finance officers
  • CFOs
  • Controllers
  • Bank officers
  • Accounting managers
  • Accounts payable managers
  • Document control specialists
  • Human resources professionals
  • Record retention specialists
  • Legal Professionals
  • IT managers
  • Risk managers

Topic Background

For years the IRS has struggled with independent contractors 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 information reporting on taxpayers by payers – the 1099. Collecting the tax due from NRAs working in the US is a Tier 1 audit issue. This tax burden is minimized when companies making payments to NRAs for dependent and independent personal services properly withhold on these payments. This time consuming reporting obligation can be streamlined in a number of ways.

The IRS has placed the burden on businesses, non-profits and not-for-profits as well as all levels of government to report information about taxable payments they make to their account holders, vendors and customers. In order to more accurately match our information reporting to taxpayer’s tax returns they have introduced an ‘e-services’ portal to help us ensure the names and tax identification numbers provided to us by our payees match their records (TIN Matching System). When used properly, this system can reduce the risk of Warning Letters (CP-2100s/B-Notices) and penalty notices (972-CGs) from the IRS. Every year the IRS sends out millions of CP2100 Notices identifying incorrect names/TINS on 1099s. These letters have a very short deadline for responding.

Field of Study

  • Auditing: 0.5 CPE Credit
  • Behavioral Ethics
  • Business Management & Organization
  • Communications: 0.5 CPE Credit
  • Personnel: 0.5 CPE Credit
  • Management Advisory Services
  • Specialized Knowledge and Applications
  • Tax: 13 CPE Credit

Program Delivery Method: Group-Live
Program Level: Basic
Advance Preparation/Program Prerequisites: None

DAY 01(9:00 AM - 3:00 PM)

09.00 AM: Session Start

  • Information reporting process overview
  • Who you are paying – are they reportable? How are they reported?
  • What you are paying – is it reportable? Is it withholdable?
  • Best practices to set up payees in your system to ensure compliance with IRS reporting rules

Form W-9 Information Gathering

  • Learn when a Form W-9 is required and when they are not necessary
  • How to test the accuracy of the W-9 information with the IRS’s records for free
  • How to deal with incorrect information on Form W-4
  • Highlight on the Form W-9 impact of FATCA
  • When to initiate backup withholding and at what rate
  • How to handle over-withholding

Form 1099 Reporting

  • Who and what you pay determines whether you must report (1099 reporting)
  • Forms to use to document your payee as reportable or non-reportable
  • Required governmental reporting on independent contractors
  • A detailed review of Form 1099-Misc – guidelines for proper use and classification of diverse payments on this form
  • Best practices for filing 1099s with the IRS
  • The government wants to remove the reporting exemptions – what this means to you
  • How to handle incorrect information reported on Form 1099
  • Best practices for managing 1099 reporting requirements

Using TIN Matching to Reduce Errors and Build Your Due Diligence Case

  • Applying for access to the TIN Matching system – the required information will surprise you
  • How to use the TIN Matching system – interactive and bulk upload sessions and protocols
  • How to use IRS reports from the system
  • How to handle missing or incorrect TIN notification from the system

Backup Withholding

  • When to initiate backup withholding – two main trigger points
  • Depositing backup withholding
  • How to report backup withholding
  • How to deal with over-withholding – refunds are permitted

DAY 02(9:00 AM - 3:00 PM)

CP-2100 Notices and B-Notices

  • Procedures and checklist for responding to IRS notices of missing and incorrect TINs
  • Setting up the control log
  • Creating and maintaining the documentation – excellent support for proving due diligence
  • Identifying sources of errors
  • Determining when to send a 1st and 2nd B-Notice to the payee
  • Managing undeliverable B-Notices
  • Annual follow-up solicitation requirements
  • Backup withholding – when to begin, when to stop withholding
  • New documentation required to properly complete a 2nd B-Notice (the SSA has changed the procedure again)

Responding to Penalty Notices

  • Review the recent changes in penalties related to information reporting
  • Discover best practices to handle a Notice of Proposed Penalty (972-CG letters)
  • Review sample response letter to address the reasonable cause provisions and support your claim that no penalty should be assessed

Nonresident Alien Reporting

  • How to determine whether NRAs are working for you (reprise – who are you paying)
  • Review the five Forms W-8 including the new W-8BEN-E just released in Q1-2014
  • Learn about the drafts of revised Forms W-8 soon to be released
  • Learn how to determine which W-8 to provide to the NRA
  • Discover how a NRA individual must support their claim of exemption from withholding
  • Learn the best way to handle questions from NRAs who do not understand your requests or the forms
  • Examine a tax treaty and learn how to use it to confirm a claim of exemption or reduced rate of backup withholding
  • Discover how to make your backup withholding deposits timely and keep the IRS from confusing them with your payroll tax withholding deposits
  • Study the 1042-S and related forms for filing and reporting backup withholding on the Annual Withholding Tax Return
  • Avoid penalties for under-withholding and failure to report your NRA’s
  • Discover best practices for managing NRA information reporting and backup withholding

FATCA – The Foreign Accounts Tax Compliance Act

  • Purpose of FATCA
  • Case study – comparative study of two offenders with significantly different outcomes
  • How the IRS and US Treasury are attacking the problem (of US Citizens hiding assets in offshore accounts)
  • Impact of FATCA on US companies, US citizens, Foreign Financial Institutions (FFIs) and Non-Financial Foreign Entities (NFFEs)
  • Model 1 and Model 2 agreements
  • Mandated procedures for opening new accounts in FFIs
  • Exceptions to the reporting requirements
  • Grandfathering provisions
  • Expansion of Forms W-8 to help address FATCA reporting
  • Explanation of the impacts of FATCA on forms 1099, 8938, & FBAR-FinCEN 114 (fka TD F 90-22.1)
  • Useful tables and charts for determining the definitions of foreign financial assets requiring reporting under FATCA
  • Penalty risks for noncompliance including the extended statute of limitations
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Speaker: Miles Hutchinson,

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 professional speaker and consultant who has presented over 2000 seminars and training sessions on a myriad of business and financial topics, like financial analysis and modeling, accounting, strategic planning, and compliance with the Sarbanes-Oxley Act.

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