Due Diligence 2017 - Due Diligence Steps for Form 1099

Overview
The IRS thinks Forms 1099 are important. They asked and Congress agreed to increase the failure to timely file and the failure to file a correct Information Return penalties for Information Forms.
Form 1099 Due Diligence – Those steps you must take if you want to request abatement of IRS Form 1099 penalties due to reasonable cause. Exercising due diligence, due care in following procedures saves time and money.
Why Should You Attend
Develop Good Procedures for Solicitation of W-9 Forms
Develop Procedures for Review of Incoming W-9 Forms
Determine When to Return Incorrect or Incomplete W-9 Forms
Use IRS e-Services to Avoid TIN and Name Matching Problems
Guidelines for Instituting Backup Withholding tax Procedures
What to do When You Receive a Notice 2100/2100A
Areas Covered in this Webinar
Most Common 1099 Mistakes
Current Responsibility of Income Tax Preparer as Well as Payer
Compliance requirements of Payers
W-9, first step to accurate Forms 1099
Tips for Avoiding IRS B-Notices
Tips for Avoiding Increased IRS Penalties
Learning Objectives
Identifying Types of Payments Requiring 1099s
Identifying Types of Entities Who Should Receive a 1099
Developing Best Practices for Preparation of Forms 1099
Potential Penalties for Payer and Tips to Avoid Penalties
Who Will Benefit
CPA and Accounting Staff
Enrolled Agent and Staff
Attorney and Staff
Bookkeeping Service Companies
Corporate Accounts Payable Staff
Non-Profit Accounting Staff
Any Person or Department responsible for sending out Forms W-9 and Forms 1099
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