Course Description

Recent IRS budgets have devoted vastly greater resources to enforcement. Whether you are new or seeking an update this course will provide CPA’s, Accounts Payable, Payroll, and Tax professionals with plain English guidance to help minimize filing and compliance mistakes while breaking down the toughest IRS backup withholding, TIN verification, B-Notice, and Penalty Notice response situations so your organization and clients can better avoid IRS penalties.

In this course, industry expert and corporate tax attorney Steven D. Mercatante Esq. takes a look some of the more difficult problems experienced by CPA’s and accounts payable and tax departments while identifying key issues and best-practices for addressing them.

Learning Objectives

• Recognize IRS B-Notice and Penalty Notice response procedures and understand the best approach to handling each of these unique situations while avoiding or getting IRS penalties waived
• Identify TIN validation best practices with a focus on situations when multiple names are provided, handling undocumented payees, exempt organization payees, and IRS TIN Match Program best practices
• Discover what the IRS recently changed via the new Forms 1099-MISC and 1099-NEC plus get backup withholding tips to make your job easier. This includes a detailed discussion of the Form 1099-MISC and Form 1099-NEC versus usage of Form 945
• Identify how to respond to filing mistakes by following proper corrections procedures
• Recognize how to leverage the IRS Form W-9 to identify the reportable payee in situations most likely to lead to penalty such as when you pay: sole proprietors, LLCs, payee's merged or bought by another, S-Corps, exempt organizations, agents, or middlemen

Prerequisites

• None