Form W-9/1099 Due Diligence for Accounts Payable (Completed)

NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card

Having a good firm understanding of the basics of 1099 reporting is critical as we head into reporting season. Too often, when responsibility for 1099 reporting is assigned to a experienced accounting or accounts payable professional, it is assumed they can handle it – even though they’ve never done it before. They are not given any training to understand the basics, never mind deal with the onslaught of changes that come each fall. And let’s face it; 1099 reporting is not intuitive! This session is designed to help everyone – both newcomers and seasoned pros understand what 1099 reporting is, why it is important, and what could happen to your company if it is not done. In this information-packed program you’ll gain a broad understanding of Form 1099 reporting, with special focus on the Forms 1099-NEC and 1099-MISC, the most commonly used forms for 1099 reporting. You’ll learn the key elements needed to comply with IRS requirements and discover how best to respond to the IRS.

Topics Covered

• Discover the advantages of IRS e-services
• Verify TIN, EIN, SSN with IRS e-services
• Train staff to verify the correctness of W-9 information
• Train staff when to backup withholding
• Most common mistakes on 1099's
• Tips on avoiding IRS penalties
• Importance of Procedural Manual & staff training

Learning Objectives

• Understand the key elements that make for successful 1099 reporting
• Implement what you are required to 1099 report
• Recognize when those payments are reportable
• Collect the right information you need from your payee to properly report a payment
• Use the W-9 to collect the correct information
• Know when you are required to obtain a signed W-9
• Use the IRS TIN Matching Program to help you ensure the information you have is correct

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None