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2021 - Complete 1099, TIN Matching, B-Notice, FATCA and Nonresident Alien 1042-S Compliance Update

Date2021-11-11 - 2021-11-12


Venue, USA - United States USA - United States



Topics/Call fo Papers

Day 01(8:00 AM TO 2:00 PM PST)
08.00 AM: Session Start
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 02(8:00 AM TO 2:00 PM PST)
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

Last modified: 2021-10-18 23:13:40