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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 - the 1099. With the ending of the year, the 1099 compliance reporting still requires us to be educated on the complicated revisions of expanding 1099 rules. There is much uncertainty as to what burdensome revisions we may expect next. The seemingly never-ending and complicated changes to the 1099 forms require you to stay diligent. Reporting issues are commonly a top priority and there
is no better way to stay up to date on the issues, exercise best practices, practice due diligence, and avoid costly mistakes. This webinar will go over developing a best practices manual and includes helpful hints on ways to avoid potential penalties and those time consuming "B" Notices.
Key Learning Objectives- Common Form 1099 Mistakes
- Duties of Your W-9 Expert
- W-9 Compliance Steps
- Identifying Types of Payments Requiring a Form 1099
- Identifying Types of Companies Requiring a Form 1099
- Maintaining Records to Prove Due Diligence Was Exercised
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Steven Mercatante
Steven Mercatante Esq. is the principal and founder of TIR Consulting, LLC. TIR is a nationally recognized leader in tax reporting education and consulting on specialized 1099/1042-S compliance issues and with a clientele ranging from the world's largest multinational corporations, banks, universities, and insurance companies down to medium sized businesses, community colleges, local hospitals, and other such organizations. |
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