New W9 vs 1099: IRS Forms, Differences, and When to Use Them in 2022
Learn when to collect Form W-9, W-4 or W-8, how to verify TINs, when 1099 reporting and backup withholding apply, and how to avoid B-Notices and IRS penalties.
Speaker
Brian G. Rosenberg
Accounts payable consultant · TRG Consulting · 15+ years designing AP shared services
Overview
Every business that pays independent contractors has IRS documentation and reporting duties. This 60-minute W-9 and 1099 compliance webinar covers the rules for collecting Form W-9 and reporting on Forms 1099 for interest, dividends, patronage dividends, real estate transactions and the well-known Form 1099-MISC.
You'll learn how to set up independent contractors and new payees with the right documentation, test W-9 information against IRS records for free, handle backup withholding, and decide when to e-file information returns. The session also covers Form 1099-K for card payments and how FATCA affects reporting for U.S. persons.
The goal is records that withstand an IRS third-party documentation audit and a defense against Letter 972-CG proposed penalties.
Why attend: Errors in W-9 collection and 1099 reporting lead to B-Notices and steep IRS penalties. This training gives you best practices to stay compliant and lower the risk of improper exemption claims by vendors. It suits bank managers, compliance, information reporting, tax, IT and risk managers, CFOs, controllers, accounting managers and auditors at for-profit, nonprofit and government entities.
What’s covered
- Setting up independent contractors and bank customers in your payment system to meet IRS reporting rules
- Protocols for setting up new payees and vendors
- When to require Form W-9, Form W-4 or Forms W-8
- Reviewing the current Form W-9
- Testing W-9 information against IRS records for free
- How who and what you pay determines 1099 reporting
- When and how to apply backup withholding
- When signatures are required on Form W-9
- Recent changes to forms, deadlines and penalties
- When you must e-file information returns
- Setting up electronic reporting to payees
- Form 1099-MISC: proper use and classification of payments
- How Form 1099-K merchant card reporting affects credit card payments
- How FATCA affects information reporting for U.S. persons
- Best practices for filing 1099s, including why not to file early
- What proposed removal of exemptions could mean for you
Who should attend
What you get
About the speaker
Brian G. Rosenberg, CEO of TRG Consulting, is a leading expert in AP automation and process improvement. He has over 15 years in the design of accounts payable shared service centers and nearly 20 years of experience with the implementation of accounts payable solutions. Mr. Rosenberg is also the chairman of the editorial board for Financial Operations Matters magazine and is a published author, and speaker, on procure-to-pay best practices.
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