W-9s and 1099s

Overview:

The goal of this webinar is to provide you with tools to develop and W-9/1099 procedures manual so that your employees can exercise due diligence and not miss any company compliance issues. The IRS places the responsibility of collecting name and Taxpayer Identification Number upon the payer NOT the payee.

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 payers - the 1099. This time consuming reporting obligation can be streamlined in a number of ways. Join us to learn more

Areas Covered in the Session:

• 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-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 exemptions - what this means to you