What are the rules regarding paying and IRS reporting on Independent Contractors? How do we avoid the IRS CP-2100 (B-Notices)? What if our vendor/payee claims exemption; must we obtain a W-9 anyway? What are the best practices for handling our information reporting obligations? How can we minimize the risk of improper exemption claims by our payees and vendors? Get the answers to these and related questions to reduce your risk of huge penalties from the IRS.For years the IRS has struggled with the independent contractor and tax collection. In assessing opportunities to close the tax gap (taxes due but not reported or paid), one of the greatest opportunities comes from expanding the information reporting on taxpayers by payers – 1099. This time-consuming reporting obligation can be streamlined in a number of ways. Join us to learn more…Areas CoveredStarter Question: How can we best set up an independent contractor in our vendor payment system to ensure compliance with the IRS reporting rules?Protocols for setting up new payees and vendors (ICs)When to require a Form W-9 v. Form W-4 v. Forms W-8How to test the accuracy of the W-9 information with the IRS’s records – for freeWho and what you pay determines whether you must report (1099 reporting)When and how to handle backup withholdingWhen signatures are required on Form W-9Update on the latest changes to the forms, deadlines, and penaltiesWhen you must electronically file your information returnsHow to set up electronic reporting to your payeesForm 1099-Misc – detailed guidelines for proper use and classification of diverse payments on this formHow Merchant Card reporting on Form 1099-K affects your reporting on credit card paymentsHow FATCA affects information reporting for U.S. personsBest practices for filing 1099s with the IRS – TIP: never file earlyThe government wants to remove the exemptions – what this means to youCourse Level- Beginning & IntermediateWho Should AttendBank ManagersCompliance OfficersInformation Reporting OfficersTax ManagersCFOsControllersAccounting ManagersAuditorsIT ManagersCompliance ManagersRisk ManagersAll types of entities including For Profit, Not for Profit, Government (Federal and State) – everyone who hires an independent contractor has reporting obligationsAICPA, CGMA, IOMA, TAPNWhy Should You AttendLearn the rules requiring W-9 documentation and 1099 reporting for various types of Forms 1099 including interest, dividends, PATR, real estate transactions, and the famous Form 1099-Misc. Learn how to establish an independent contractor relationship with the right documentation. Understand the rules and keep your company in compliance. Ensure that your records will stand the scrutiny of an IRS 3rd Party Documentation and Reporting audit. Avoid the onerous penalties for noncompliance and build the best defense against the 972-CG Notice of Proposed Penalty Letter.