Even if your partner’s attitude to money is difficult to live with, there are ways to protect yourself from their worst mistakes
Dublin, Feb. 21, 2023 (GLOBE NEWSWIRE) -- The "Complete 1099, TIN Matching, B-Notice, FATCA and Nonresident Alien 1042-S Compliance Update" training has been added to ResearchAndMarkets.com's offering.
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.
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?
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 Should Attend: 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:
DAY 01 (8:00 AM TO 2:00 PM PST) 08.00 AM: Session Start
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
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
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
When to initiate backup withholding - two main trigger points
How to report backup withholding
How to deal with over-withholding - refunds are permitted
DAY 02 (8:00 AM TO 2:00 PM PST)
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
Determining when to send a 1st and 2nd B-Notice to the payee
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)
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
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
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)
Mandated procedures for opening new accounts in FFIs
Exceptions to the reporting requirements
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
For more information about this training visit https://www.researchandmarkets.com/r/rqzhra-1099?w=12
About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
A minister has played down the suggestion a Brexit deal on Northern Ireland can be struck this week as Rishi Sunak faces a fresh split among Tories. Maria Caulfield told Sky News the prime minister is still trying to fix problems with the contentious Northern Ireland Protocol, amid signs of a possible Tory rebellion. Asked about the prospect of a breakthrough this week, she said: "I don't know about this week, I know that the prime minister is working really hard and working with a number of politicians from across Northern Ireland, politicians within the EU, to try and resolve this."
Key Insights AdvancedAdvT's significant private equity firms ownership suggests that the key decisions are influenced...
Global Biorational Market Global Biorational Market Dublin, Feb. 21, 2023 (GLOBE NEWSWIRE) -- The "Biorational Market Share, Size, Trends, Industry Analysis Report, By Product (Botanical, Semiochemicals, Others); By Crop; By Region; Segment Forecast, 2023-2032" report has been added to ResearchAndMarkets.com's offering.The global biorational market size is expected to reach USD 29.93 billion by 2032, according to a new study by the publisher. The report gives a detailed insight into current mark
LONDON (Reuters) -Surprisingly strong services growth meant the recovery in euro zone business activity gathered steam this month, expanding much faster than thought, according to a survey on Tuesday, the latest evidence the currency union could escape a recession. A sister survey showed businesses in Britain reporting an unexpected bounce in activity as well as receding price pressures, suggesting the economic outlook across Europe may be less gloomy than predicted. "The healthy PMI readings for February pose upside risks to our growth forecast, raising odds that the euro zone could avoid contracting in Q1," said Rory Fennessy at Oxford Economics.
From Buddhist teachings and fitness camps to wild swimming and days of meditation – Daniel Stables picks the best of the bunch
Hugo Correia/ReutersA Polish woman with a complicated childhood, a coloboma in her right eye and moles on her leg says she could be Madeleine McCann, the British toddler who has been missing since 2007 after disappearing from a holiday resort in Portugal. View this post on Instagram A post shared by Help me, I need to talk with Kate and Gerry McCann (@iammadeleinemccan) Julia Faustyna, 21, who has also been referred to as Julia Wandelt and Julia Wendell, says she does not remember most of her ch
Russia tried and failed a test launch of its new "Satan II" intercontinental ballistic missile while Joe Biden was in Ukraine on Monday, according to a report.
Vehicles could also be seized if driven without a valid permit, authority warns
Put down the fluorescent cocktail and declare an amnesty in the sunbed wars – because British holidaymakers are falling out of favour.
Kiena Dawes’ family say she was ‘let down’ by Lancashire Police before her death, as officer investigated for gross misconduct
What is it about the past that some young people find unbearable? After all, no one is expecting them to live through it. Indeed, some of us who did find the present infinitely worse. The vandalism of Roald Dahl’s writings for children by “sensitivity readers” to make them “suitable”, has brought the wickedness of rewriting, or eliminating, the past and evidence of it to the forefront of our discourse. It would also have Dahl (with whom I once spent an evening: shrinking violet he was not) turni
Royal couple were sent up in the latest episode of adult animated series
It’s late on Friday afternoon and people are coming into the red-light district to let off steam. Some got a head start.
Mandy Bardisbanian, 33, is one of only 300 people in the world with Marcus Gunn jaw-winking syndrome
Actor is rebooting the Seventies sitcom with his daughter
Alexandria Cress Borys, 26, was allegedly shot by Christina Harrison in Irmo, South Carolina, on Valentine’s Day
There were speculations of snow and blizzards hitting the country this week due to a phenomenon called Sudden Stratospheric Warming (SSW), but Met Office forecasters have clarified it will arrive in a few weeks instead
A spiritual medium and psychic has claimed he used his “gift” to find Nicola Bulley’s body in the River Wyre on Sunday.
Exclusive: Duchess wants to be Prince Andrew’s ‘financial saviour’ as she tries to help him stay at Royal Lodge in Windsor
“I’m innocent. F*** you all. You’re garbage. That is all, your honour,” Julissa Thaler said at the sentencing