Due Diligence Steps for Form 1099 Compliance

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.
Form 1099 Due Diligence
Instructor: Steven Mercatante
Product ID: 509924
Objectives of the Presentation
  • 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
Why Should you Attend
This course is designed to develop a Plan and train and monitor staff of achieve due diligence.

Areas Covered
  • Due Diligence Best Practices Steps
  • How Is a Name/TIN Mismatch Identified
  • Use of IRS e-Services to avoid Mismatches
  • Review of W-9 Solicitation Requirements
  • 2017 Penalty Increases Against Form 1099 Preparer
  • W-9 and 1099 Compliance
Who will Benefit
  • CPA, Attorney, EA firms and staff
  • Firm Accounts Payable management or staff
  • Corporate Controllers, Accounts Payable, Financial Managers, &Staff
  • Non-profit Controllers, Accounts Payable, Staff
Topic Background
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. The IRS thinks Forms 1099 are important. They asked and Congress agreed to increase the failure to timely file and the failure to file correct Information Return penalties for Forms filed. 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.
$200
Recorded Session for one participant
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How it works
Live Session - How it works
  • Login to onlinecompliancepanel with your registered username and password https://www.onlinecompliancepanel.com/login
  • The webinar joining link, username and password for joining the webinar will be updated on your OCP Account 24 hours prior to the webinar
  • Presentation handouts in Downloadable PDF format will be updated on your OCP Account 24 hours prior to the live session
  • Login to the audio conference on the scheduled date and time
  • Get answers to your queries through interactive Q&A sessions via chat at the end of the session
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account 24 hours after the completion of the session
  • Please let us know your thoughts and views at the end of the webinar, your valuable feedback will help us improve
Recorded Session - How it works
  • Login to onlinecompliancepanel with your registered username and password https://www.onlinecompliancepanel.com/login
  • 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:
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. Steven is the author of an annual series of Federal and State Level Tax Compliance and Reporting Guides, has conducted on-site consultation for corporate clients from across the world, and led countless webinars and seminars for a variety of organizations.
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