Due Diligence Steps for Form 1099

Duration: 90 Minutes
Want to avoid IRS penalties for mistakes on Form 1099? Yes, make sure staff has exercised due diligence. Due Diligence involves a written Plan, training staff, and monitoring staff to determine if they have followed the plan. The Plan for accurate Forms 1099 is the development of procedures for an accurate Form W-9. Most mistakes that the IRS identifies on the Form 1099, originates in failure to follow W-9 procedures. IRS penalties not only cost money but also take up valuable time which translates to money.
Instructor: Greta P. Hicks
Product ID: 501113
Objectives of the Presentation
  • Most common Form 1099 mistakes, development of best practices manual, A Plan
  • Contents of best practices manual
  • 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
Why Should you Attend
This course is designed to develop a plan and train and monitor staff to achieve due diligence.

Areas Covered
  • Due Diligence best practices steps
  • Most common mismatch problems
  • How is a name/TIN mismatch identified
  • Use of IRS e-services to avoid mismatches
  • Review of W-9 solicitation requirements
  • Step by step review of Forms W-9
  • 2016 penalty increases against form 1099 preparer
  • Resources for W-9 and 1099 compliance
Who can Benefit
  • CPA, Attorney, EA Firms and Staff
  • Firm Accounts Payable Management or Staff
  • Owners, Shareholders of Small Businesses and Staff
  • Corporate Controllers, Accounts Payable, Financial Managers & Staff
  • Non-profit Controllers, Accounts Payable, Staff
$300
Recorded Session for one participant
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  • Upon purchase of the recorded session a link will be updated on your OCP Account within 24 hours
  • Please click on the link to access the Recorded Session
  • Presentation handouts in downloadable PDF format will be updated on your OCP Account within 24 hours of the purchase of the product
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account after 48 hours of the product Purchase
  • Please share your valuable Feedback at the end of the session
Instructor Profile:
Greta P. Hicks is a former IRS Revenue Agent and Regional Training Coordinator. After a time as tax manager for Ernst & Young, Greta started her own business and for 34 years her CPA practice has been limited to representing persons who have IRS problems. She is the author of "IRS Examination and Appeals Procedures" on www.CCH.com as well as, pilot tester of on-line continuing education courses for Checkpoint Learning. Greta has authored a number of continuing education courses on IRS practice & procedures and articles are regularly published on professional as well as trade magazines. Ms Hicks has traveled the US and taught Tax Update Seminars as well as various Inside the IRS topics.

Greta has been active in the Texas Society of CPAs for 40 years and has served on the IRS Relations Committee, on the Editorial Board of the TSCPAs and was the Tax Editor of Today's CPA. Her activities for the Houston Chapter of CPAs included Coordinator of Houston's IRS/Practitioner Study Group, Relations with Taxing Entities Committee, Teaching Taxes Committee, plus the Spring EXPO and Tax EXPO Committees.
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