The process for TIN verification has changed, and companies now have a two-step process to navigate. Any errors in the name and TIN matching process, or in the handling of B-notices can result in costly fines and penalties from the IRS. It is pertinent that AP departments are up-to-date with the latest requirements and new processes.
Join our 90-minute program to get a clear understanding of how to use IRS's new TIN Matching System and "e-service" portal. With the right practices, you can greatly improve the accuracy of information received from payees, significantly reducing errors in 1099s and reporting. You'll discover:
How to reduce the risk of IRS warning letters and penalty notices
The difference between 1st and 2nd B-notices, and the required responses
Smoothest way to register for the new two-step verification process
Strategies to eliminate errors on W-9s and prevent inaccurate 1099s
New TIN Compliance & Processes: What You Need to Do Now
Comprehensive explanation of the new TIN Matching System
Understanding the two-step verification systems and its benefits
How to register to use the IRS "e-services" portal
Who must request access to the TIN Match system?
Best practices for managing 1099 reporting requirements
How the TIN Matching impacts the fight to reduce proposed penalties
Handling B-Notices & Errors: Keys to Avoiding Costly Penalties
Dealing with vendors who report incorrect W-4 information
What you need to do if you receive a B-notice from the IRS
How to effective respond to a Notice of Proposed Penalty
Strategies to negotiate a reduction or eliminate a penalty
How do you leverage the Reasonable Cause Regulations?
About The Speaker
Miles Hutchinson is a CGMA and experienced businessman. His experience includes:
He has been an auditor with PriceWaterhouseCoopers and the Chief Financial Officer of a $1 billion real estate development company.
Miles is a professional speaker and consultant, who has presented over 2,200 seminars and training sessions on a myriad of business and financial topics, like financial analysis and modeling, accounting, strategic planning, and compliance with the Sarbanes-Oxley Act.
Miles is recognized as an expert in payroll and sales & use tax, as well as financial modeling & analysis, business strategy and communications.
He is the author of several useful accounting and tax tools available at www.soxpolicies.com and www.salestaxadvisor.com. Please visit his websites to see how you can further benefit from his expertise.
Discover best practices to help you ensure your W-9 information matches that of the IRS - before the 1099's go out. You'll learn how to handle the remaining B-Notices that sneak through in the most efficient manner, and ensure your company never has to pay a penalty for failure to comply with these burdensome regulatory requirements.