Seminar on Complete 1099, TIN Matching, B-Notice, FATCA and Non-resident Alien 1042-S Compliance Update training seminars presented by Global Compliance Panel register now on

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Seminar on Complete 1099, TIN Matching, B-Notice, FATCA and Non-resident Alien 1042-S Compliance Update  

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Training Course Syllabus:


For years the IRS has struggled with the independent contractor, the non-resident alien worker, US citizens with foreign financial accounts and tax collection. They have placed the burden on businesses, non-profits and not-for-profits as well as state and local government to report information about taxable payments they make to their account holders, vendors and customers. 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 and the 1042-S. These time consuming reporting obligations can be streamlined in a number of ways.

In order to more accurately match our information reporting to taxpayer´s tax returns the IRS introduced an "e-services" portal to help us ensure the names and tax identification numbers provided to us by our payees match their records. It is known as the TIN Matching System. When used properly, this system can reduce the risk of IRS warning letters (CP-2100s/B-Notices) and penalty notices (972-CGs). Every year the IRS sends out millions of CP2100 Notices identifying incorrect names/TINS on 1099´s. And these letters have a very short deadline for responding.

Why you should attend:

How do you determine whether you can accept a W-9 from someone or 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 the Nonresident Alien´s (NRA´s) payments? The IRS is working hard to reduce the delinquent tax burden. They know we are becoming relatively compliant with our 1099 reporting, but they also know we are far less sure of ourselves when it comes to identifying and performing backup withholding on our NRA´s. Collecting the tax due from NRAs working in the U.S. 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.

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? In this two day workshop conference you will learn how to identify independent contractors and non-resident aliens. We will analyze case studies to help ensure you fully understand the most efficient process and how best to communicate 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, how to confirm the name and tax ID of the payee match the IRS databases, exactly how to expedite the handling of your B-Notices, and how to fight a notice of proposed penalty. In addition, you will learn the best method to process your 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 the 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 we will examine best practices to provide thoughts and ideas to maximize the performance of your current system. Additionally, case studies will explore how your management practices can be improved to help ensure full regulatory compliance.

Learning Objectives:

Upon completing this course participants should:
Be well versed in the information reporting process including
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 the information reporting and withholding regulations
Have a clear action plan for implementing best practices for compliance


Day 1 Schedule

Lecture 1:

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 procedure to set up payees in your system to ensure compliance with the IRS reporting rules
Lecture 2:

Form W-9 Information Gathering
Learn when to require a Form W-9 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
Lecture 3:

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 - TIP: never file early!
The government wants to remove the reporting exemptions - what this means to you
How to handle incorrect information reported on forms 1099
Best practices for managing 1099 reporting requirements
Lecture 4:

Using TIN Matching to Reduce Errors and Build Your Due Diligence Case
Applying for access to the TIN Match system - the required information will surprise you
How to use the TIN Match system - Interactive and Bulk upload sessions and protocols
How to use the IRS reports from the system
How to handle missing or incorrect TIN notification from the system
Lecture 5:

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 2 Schedule

Lecture 1:

Procedures and checklist for responding to IRS notices of missing and incorrect Tax Identification Numbers (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 (yes, the SSA changed the procedure again)
Lecture 2:

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
Lecture 3:

Non-Resident Alien Reporting
How to determine whether Nonresident Aliens 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 form 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 from 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 the penalties for under-withholding and failure to report your NRA´s
Discover the best practices for managing NRA information reporting and backup withholding
Lecture 4:

FATCA - The Foreign Accounts Tax Compliance Act
Purpose of FATCA
Case study - a tale 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
Special Note: Attendees will receive valuable charts, flow diagrams, policies, procedures and helpful links to many other invaluable resources designed to provide a complete back study of these topics, all included in the price of the seminar.


Miles Hutchinson
President, Sales Tax Advisors, Inc.

Miles Hutchinson 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 2,500 seminars and training sessions on a myriad of business and financial topics, including financial analysis and modeling, accounting, strategic planning, financial reporting and compliance with the Sarbanes-Oxley Act.

Seminar Summary:

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