Want to avoid IRS penalties for mistakes on Form 1099? Yes, make sure staff has exercised due diligence. Due Diligence involves a written Plan, training staff, and monitoring staff to determine if they have followed the plan. The Plan for accurate Forms 1099 is the development of procedures for an accurate Form W-9. Most mistakes that the IRS identifies on the Form 1099, originates in failure to follow W-9 procedures. IRS penalties not only cost money but also take up valuable time which translates to money.
WHY SHOULD YOU ATTEND?
This course is designed to develop a plan and train and monitor staff to achieve due diligence.
AREA COVERED
- Due Diligence best practices steps
- Most common mismatch problems
- How is a name/TIN mismatch identified
- Use of IRS e-services to avoid mismatches
- Review of W-9 solicitation requirements
- Step by step review of Forms W-9
- 2016 penalty increases against form 1099 preparer
- Resources for W-9 and 1099 compliance
LEARNING OBJECTIVES
- Most common Form 1099 mistakes, development of best practices manual, A Plan
- Contents of best practices manual
- Duties of your W-9 expert
- W-9 compliance steps
- Identifying types of payments requiring a Form 1099
- Identifying types of companies requiring a Form 1099
- Maintaining records to prove due diligence was exercised
WHO WILL BENEFIT?
- CPA, Attorney, EA Firms and Staff
- Firm Accounts Payable Management or Staff
- Owners, Shareholders of Small Businesses and Staff
- Corporate Controllers, Accounts Payable, Financial Managers & Staff
- Non-profit Controllers, Accounts Payable, Staff
This course is designed to develop a plan and train and monitor staff to achieve due diligence.
- Due Diligence best practices steps
- Most common mismatch problems
- How is a name/TIN mismatch identified
- Use of IRS e-services to avoid mismatches
- Review of W-9 solicitation requirements
- Step by step review of Forms W-9
- 2016 penalty increases against form 1099 preparer
- Resources for W-9 and 1099 compliance
- Most common Form 1099 mistakes, development of best practices manual, A Plan
- Contents of best practices manual
- Duties of your W-9 expert
- W-9 compliance steps
- Identifying types of payments requiring a Form 1099
- Identifying types of companies requiring a Form 1099
- Maintaining records to prove due diligence was exercised
- CPA, Attorney, EA Firms and Staff
- Firm Accounts Payable Management or Staff
- Owners, Shareholders of Small Businesses and Staff
- Corporate Controllers, Accounts Payable, Financial Managers & Staff
- Non-profit Controllers, Accounts Payable, Staff
Speaker Profile
Margie Faulk is a senior level human resources professional with over 15 years of HR management and compliance experience. A current Compliance Advisor for HR Compliance Solutions, LLC, Margie, has worked as an HR Compliance advisor for major corporations and small businesses in the small, large, private, public and Non-profit sectors. Margie has provided small to large businesses with risk management strategies that protect companies and reduces potential workplace fines and penalties from violation of employment regulations. Margie is bilingual (Spanish) fluent and Bi-cultural.Margie’s area of expertise includes Criminal Background Screening Policies and auditing, I-9 document correction and storage compliance, …
Upcoming Webinars
Managing Toxic & Other Employees Who Have Attitude Issues
Effective Onboarding: How to Welcome, Engage, and Retain Ne…
Analytical Method Validation Under Good Laboratory Practic…
Do's and Don'ts of Documenting Employee Behaviour, Performa…
Sunshine Act Reporting - Clarification for Clinical Research
Onboarding New Hires: Leverage the Potential of Artificial …
Do's and Don'ts of Giving Effective Feedback for Performanc…
Tattoos, hijabs, piercings, and pink hair: The challenges …
Using Behavior Based Interviewing for Finding the Best Matc…
How to Document Employee Discussions and Why it is Important
Project Management for HR, Administrative Professionals, an…
Stressed Out: How to Handle Conflict, Difficult People and …
Harassment, Bullying, Gossip, Confrontational and Disruptiv…
Marketing to Medicare or Medicaid Beneficiaries - What You …
Understanding the Artificial Intelligence Landscape
Best Practices for Working With Vendors and Suppliers
Accounting For Non Accountants : Debit, Credits And Financi…
Principles & Practices for the Cybersecurity of Legacy Medi…
Independent Contractor vs. Employee New Rule Issued by The …
The Top Ten Excel Functions Everyone Should Know
Ultimate Persuasion Strategies! - Secret Influence Tools & …
Clinical Trial Systems: The Trial Master File (TMF) and Ele…
Dealing With Difficult People In Life & Work
Improving Employee Engagement & Retention Through Stay Inte…
Fair Lending in Q2 2024: new regulations, examinations, and…
FDA Regulation of Artificial Intelligence/ Machine Learning
Form 1099 Update 2024: Latest Forms, Rules and Reporting Re…
Coming Soon - New Minimum Salary Levels for Exempt Employee…
Beyond ‘Illegal’ Interview Questions: What Recruiters & Hir…
Bootcamp for New Managers and Supervisors: Avoid These 7 Mi…
Writing Techniques for Auditors and Risk Management Profess…
Coaching & Retaining Your Talent – Putting the WOW into Qua…
Outlook - Master your Mailbox - Inbox Hero Inbox Zero
Emotional Intelligence: Mastering the Emotions of Great Lea…
Building Fair Chance Hiring Policies in 2024
Effectively Handle Toxic People for Better Productivity and…
Third-Party Relationships: Risk Management: What All Bankin…
HR 101 - Bootcamp Basics for New Human Resource Professiona…
How to Manage and Resolve Conflict in the Workplace
Impact Assessments For Supplier Change Notices
Performance Management with Bottom-Line Results
How to Give Corrective Feedback: The CARE Model - Eliminati…
Human Error Reduction Techniques for Floor Supervisors
Credit Risk Discipline Tools - Implementing 14 Tools for Cr…
FDA Compliance And Laboratory Computer System Validation