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Best Practices To Reduce Or Eliminate IRS Penalties

Webinar: ID# 1041075
Recorded On-Demand
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About This Course:
All companies that utilize contractors must report payments of more than $600 on Form 1099, NEC, MISC, or many other types of forms and many different types of payments. Sometimes the information gathered at the time of the payment is incorrect or incomplete; this causes an issue with the IRS when trying to report income at the end of the year.

By applying sound W-9 solicitation protocols, you can eliminate most of the issues with missing information. Creating a policy with strict adherence will benefit both the company and the contractor so that you can keep everyone out of conflict with the IRS.

The IRS has also provided a tool that can be used to help in TIN/Name verification. By verifying the data provided by the contractors using the IRS database, you can catch and eliminate human errors such as transpositions.

By the end of this course, you will understand the basic format of completing the W-9 form, creating an account with the IRS, and submitting a TIN match. This course will cover what to do if you receive either a CP2100 form or a 972CG Notice from the IRS.What You'll Learn:W-9
  • Name
  • Business Type
  • SSN vs. EIN
TIN Matching
  • IRS E-Services Program
  • How It Works
  • Understanding TIN Matching Results
  • What to Do With the Information Received
W-9 Solicitations
  • Initial
  • 1st Annual
  • 2nd Annual
CP2100 and CP2100A
  • What Is It? (It's a Gift)
  • How to Respond
  • Incorrect vs. Missing TINs
972CG Notice of Potential Penalty
  • Don't Be Afraid
  • How to Respond
  • Documentation Is Your Friend
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Best Practices To Reduce Or Eliminate IRS Penalties
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