Understanding the Form 1099 reporting and backup withholding requirements has become critical in light of the two most recent reports from the Treasury Inspector General for Tax Administration (TIGTA), whose audits discovered several billions of dollars in backup withholding failures. In response to these reports, the IRS has announced backup withholding compliance initiatives. This session addresses IRS Form 1099 reporting and backup withholding requirements with a detailed review of Form W-9 and overview of Form 1042-S foreign reporting requirements.
Basic Course Information
Participants will walk away with an understanding of the basic requirements for name and TIN solicitation, backup withholding and reporting of payments
Understand the role of the Form W-9 in obtaining correct taxpayer identification information
Recognize the triggers for backup withholding 24% of a payment in US federal income taxes
Appreciate the role of the IRS’s TIN Matching System in avoiding payee name-TIN mismatches and helping to prevent B Notice lists and proposed penalty notices
Identify the basic rules for withholding 30% tax from and reporting payments to foreign vendors on Form 1042-S
Important CPE Credit Information_READ BEFORE WEBCAST UPDATED
Marianne Couch, JD, is a Principal in the Cokala tax group since its founding early in 2007 and is an experienced and well-known advisor on U.S. federal and state tax information reporting compliance. She is a frequent lecturer at major tax conferences and the author of The Master Guide to Form 1099 Compliance, The Master Guide to Form 1042-S Compliance, and numerous published articles. She is a founding partner of Cokala. Previously, she was for many years the Research Director of the tax reporting specialty firm Balance Consulting, and chaired special training and advisory services provided to large organizations and academic and nonprofit institutions. She also formerly served as the executive director of the National Association of Form 1099 Filers, Inc.
Marianne was an appointee for three years to the IRS Information Reporting Program Advisory Committee (IRPAC), where she was Chair of the IRPAC Subcommittee on Small Business and Self-Employed (SBSE) tax issues.
Marianne formerly served as a Research Attorney for the Michigan Court of Appeals, and earlier as a litigator for a large Michigan law firm, where she represented individuals and large clients in many types of civil actions.
Basic Course Information
None Advanced Preparation
None Designed For
Anyone who makes payments in the course of a trade or business; CPAs; Accountants; Accounts Payable personnel Yellow Book
No Course Developer
MICPA Original Recording Date
10/29/19 Date Added to Catalog
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Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org Instructional Delivery Method
Live Group Internet Based Course Registration Requirements
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