Due Diligence Steps For Form 1099

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.

WHY SHOULD YOU ATTEND?

This course is designed to develop a plan and train and monitor staff to achieve due diligence.

AREA 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

LEARNING OBJECTIVES

• 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

WHO WILL 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