2023 - Form W-9 Compliance to Avoid Penalties: TIN Verification, B Notices, and Backup Withholding

How to handle missing or incorrect payee tax ID numbers
"B" notice procedures – responding to IRS CP2100/2100A notices
Penalties for late or incorrect 1099 Forms
Procedures and policies that establish "reasonable cause" and avoid penalties
Exceptions that eliminate or mitigate penalties
LEARNING OBJECTIVES
Know when Form W-9 must be signed
Be aware of exemptions from Backup withholding and FATCA reporting
Be prepared for anticipated changes to electronic filing for 2022 Forms in 2023
Understand the de minimis error rules
Be aware of common information return errors and know how to avoid them
Understand backup withholding: What it is; When to start and when to stop;
Know how to deposit and report backup withholding.
Know the due diligence procedures to avoid penalties for missing or incorrect payee tax ID numbers
Be aware of the procedures for "B" notices: When and how to issue and follow-up
Understand how to use Form W-9 to document vendor reporting status
WHO WILL BENEFIT?
CFOs and controllers
Accounts payable and accounting managers
Accounts payable processing professionals
Employers and Business owners
Purchasing managers and professionals
Public accountants, CPAs, and Enrolled Agents