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Who should attend Complete 1099, TIN Matching, B-Notice, FATCA and Nonresident Alien 1042-S Compliance Update: 2-Day In-Person Seminar
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
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Seminar Summary:

In this two day workshop, participants will learn how to identify independent contractors and non-resident aliens. attendees will learn the best method to process 1099 and 1042-S reporting to both your payees and the IRS using best practices.  (see full course description)

 
 
 

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Training Course Syllabus:


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

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
 

Course Outline:

Day One (8:30 AM - 5:00 PM)

Registration Process: 8:30 AM – 9:00 AM

Session Start Time: 9:00 AM

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 Two (8:30 AM - 4:30 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

Seminar Summary:

In this two day workshop, participants will learn how to identify independent contractors and non-resident aliens. attendees will learn the best method to process 1099 and 1042-S reporting to both your payees and the IRS using best practices.  (see full course description)

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