Description:

For years the IRS has struggled with the independent contractor 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 the information reporting on taxpayers by payors – the 1099. This time consuming reporting obligation can be streamlined in a number of ways. Join us to learn more…

Session Highlights:

• Starter Question: How can we best set up an independent contractor in our vendor payment system to ensure compliance with the IRS reporting rules?
• Protocols for setting up new vendors (ICs)
• When to require a Form W-9
• 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)
• Forms to use to document your independent contractor as reportable or non-reportable
• Required governmental reporting on ICs
• Form 1099-NEC – New for 2020, this form addresses Non-employee compensation
• Form 1099-MISC – guidelines for proper use and classification of diverse payments on this form
• Best practices for filing 1099s with the IRS – TIP: never file early!
• Comply with the new rules for electronic filing with the IRS beginning with the 2024 filing season – the threshold is no longer 250 forms!
• Learn about the free electronic filing system that opened on 8/1/2023
• Build your plan to migrate to the new electronic filing system
• The government wants to remove the exemptions – what this means to you

Why You Should Attend

What are the rules regarding paying and IRS reporting on Independent Contractors? How do I avoid problems identified in an IRS CP-2100 (B-Notices)? What if my vendor claims exemption; must I obtain a W-9 anyway? What are the best practices? How can I minimize risk of improper exemption claims by my vendors? Get the answers to these and related questions to reduce your risk of huge penalties from the IRS.

Learn the rules requiring W-9 documentation and 1099 reporting. Learn how to establish the independent contractor relationship with the right documentation. Understand the rules and keep your company in compliance. Ensure that your records will stand the scrutiny of an IRS 3rd Party Documentation and Reporting audit. Avoid the onerous penalties for noncompliance and build the best defense against the 972-CG Notice of Proposed Penalty Letter.

Who Should Attend:

• Bank Managers
• Compliance Officers
• Information Reporting Officers
• Tax Managers
• CFOs
• Controllers
• Accounting Managers
• Auditors
• IT Managers
• Compliance Managers
• Risk Managers

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 3,000 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. He is recognized as an expert in information reporting, payroll and sales & use tax as well as financial modeling & analysis, business strategy and communications. He is the author of several useful accounting and tax tools available at www.soxpolicies.com and www.salestaxadvisors.com. His clients include, Abbott Labs, Bank of America, Boston Scientific, Citicorp, Corning, the FBI, the FDA, the Federal Reserve, GE, Pfizer, Siemens, US Marine Corps, and the US Army. Please visit his web sites to see how you can further benefit from his expertise.